Overcast

Overcast

max temp: 10°C

min temp: 7°C

Search

Budget: EEEGR welcomes move to review tax regime for North Sea oil and gas

18:09 19 March 2014

The Government is to review the tax regime for North Sea oil and gas.

The Government is to review the tax regime for North Sea oil and gas.

The East of England Energy Group (EEEGR) yesterday welcomed a pledge by George Osborne to review the tax regime for the North Sea to “make sure it is fit for the purpose of extracting every drop of oil we can”.

In his Budget speech, the Chancellor also said he would “take forward” all the recommendations of the Wood Report on the the future of North Sea oil and gas.

Simon Gray, chief executive of EEEGR, said: “EEEGR has long argued that gas and oil should be treated differently as both have many of the same overheads but the market value of gas is half that of oil.

“The region’s legacy assets require considerable investment against a backdrop of falling reserves. A differentiation between oil and gas and special recognition by the Wood Review for the Southern North Sea is crucial if we are to maximise economic returns for gas production off our coast.”

Industry trade body Oil & Gas UK warmly also welcomed the Government’s support for the Wood Report recommendations and the review of the industry’s tax regime.

However, it said it was “perplexed” by a move to change the basis for the taxation of drilling rigs and accommodation vessels supplied using bareboat chartering arrangements to the UK’s offshore oil and gas industry, despite evidence that this could prove damaging to exploration and development activity.

Search hundreds of local jobs at Jobs24

0 comments

Britain’s property market will be in sharp focus next week as two of the biggest housebuilders post annual figures after a solid year for the sector, despite a Brexit vote blip.

Ipswich’s first drive-through Starbucks has opened with a special ribbon-cutting ceremony by mayor Roger Fern.

The new owner of a Suffolk pub previously in the hands of celebrity chef Marco Pierre White wants to put the community back at the heart of the business.

Retail entrepreneur James Timpson, whose family business has a record of working successfully with offenders, is to share his knowledge of prison reform at an event being held to raise money for the Ipswich-based charity Ormiston Families.

Organisers have announced the latest date for a business charity running event that has raised over a half a million pounds for good causes over the years.

Management Jobs

Show Job Lists

Most read

Most commented

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24