Oil & Gas UK (OGUK) has ratcheted up the pressure on the British government to use its Mar. 16 budget to help struggling North Sea operators, calling on Tuesday for a dramatic cut in the headline tax rate (OD Feb.24'16). The lobby group is urging the UK Treasury to help boost the industry's competitiveness and investor confidence by cutting the current 50% tax on profits - which is even higher at 67.5% for older fields - by 20%, and by scrapping the Petroleum Revenue Tax on fields approved before March 1993.
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