UK Pledges North Sea Tax Break

摘要

UK Finance Minister George Osborne announced plans to support the development of ultra-high-pressure, high-temperature (HPHT) oil and gas schemes across the UK continental shelf (UKCS) in his 2014 spring budget statement on Wednesday. A UK Treasury spokeswoman told International Oil Daily that London will launch a government-industry consultation over the summer to discuss the details of a proposed new tax allowance to encourage ultra-HPHT exploration. That could pave the way for a change in the tax treatment for ultra-HPHT field clusters in 2015.