U.K. unveils new tax break for North Sea oil firms

The U.K. government is introducing a new tax allowance for oil and gas fields in the North Sea to encourage more investment in the sector, which is facing higher costs and declining production.

The new allowance for ultra-high pressure high temperature oil and gas fields has the potential to attract £5B-£6B of new investment and could encourage exploration of some of the central North Sea's technically challenging prospects.

The Maersk-operated Culzean field and BG Group's (BRGYY, BRGXF) Jackdaw gas condensate projects, both of which are high pressure high temperature, could benefit from the new allowance.

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