Seeking Alpha

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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