North Sea Given New Lease Of Life By Government Tax Incentive

摘要

The UK's tax incentives for the oil and gas sector are paying dividends as the UK North Sea is given a new lease of life, both in greenfeld and brownfeld interest. Royal Dutch Shell has followed up its major decision to develop the Fram feld (see our online service, October 24, 'Fram Brings More Cheer') with another big announcement: the acquisition of Hess Cor- poration's stake in the Beryl area felds in a deal worth US$525mn. Talisman UK, the local unit of the Canadian player, also declared its intention to invest GBP1.6bn to redevelop the Montrose area. These are important developments because they signify a renewed interest in brownfeld investment into some of the UK North Sea's most mature areas.