UK Chancellor George Osborne has set out meas- ure to lower tax for the UK oil and gas industry in a move that was welcomed by a struggling sector. Richard Cockburn, Energy Partner at analysts Bond Dickinson, said: “The tax reductions announced today by the Chancellor will help sig- nificantly to improve the economics of North Sea projects. The effective abolition of Petroleum Revenue Tax has long been called for by the industry and will be welcomed widely.
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