British association asks for favorable tax regime to boost investments


(FILES) A file photo, taken in March 2009 and provided by Royal Dutch Shell of the Gannet Alpha platform in the North Sea.

Britain’s offshore oil association, Oil & Gas UK, called the British government to lower the taxes to increase investment and new exploration projects

Britain’s oil association, Oil & Gas UK, wants from the British government to impose a special tax regime to save the future of the country’s offshore oil industry, as investments are under-performing.

On 23 February, Oil & Gas UK said that 43 percent of the British oil fields in the North Sea will lose money this year if oil prices remain around $30 per barrel. This will result in deterring further exploration and investment. The energy association said that under the current trend, ...

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