Oil & Gas UK has welcomed the UK Chancellor's moves to stimulate investment in the country's oil and gas reserves. George Osborne said in his Budget speech that the UK's oil industry would get a guaranteed tax relief on the costs of retiring old rigs and plat- forms. Oil & Gas UK chief executive Malcolm Webb, said: "Oil & Gas UK is greatly encouraged by the package of tax measures announced by the Chancellor which together will result in tens of bil- lions of pounds of additional investment to develop the UK's economically important oil and gas reserves, all at no net cost to the Exchequer.
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