Overcast

Overcast

max temp: 9°C

min temp: 5°C

ESTD 1874 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”.

shares

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.

shares

0 comments

Shirley Ison may have made a fatal error which caused her car to collide with a tree

Driver error is believed to be the cause of a road accident in which a woman was killed, it was ruled this week.

The Blues host Championship play-off rivals AFC Bournemouth at Portman Road at 5.15pm and Abellio Greater Anglia is running three extra services in addition to the usual Bank Holiday timetable.

Extra train services have been arranged for Ipswich Town fans on Good Friday.

Hagon pleaded guilty to a charge of causing serious injury by dangerous driving and was sentenced at Chelmsford Crown Court on Tuesday, March 31 to two years and eight months imprisonment and disqualified from driving for five years, after which he must take an extended test, Essex Police said.

A driver has been jailed for two years and eight months following a serious collision in High Garrett, near Braintree.

Planners have refused homes on vacant land at Felixstowe's Haven Exchange site.

Proposals for 61 homes near the Port of Felixstowe have been refused because of the need to keep as much employment land available as possible.

Chelmsford Crown Court

A woman has been left permanently disabled after a driver who had taken a cocktail of drink and drugs smashed into her car.

April Fool

It is hard to trust anything you are told today - because it seems everyone is trying to catch you out with an April Fool.

Mark Bee has pushed to ensure better broadband is brought to Suffolk.

Suffolk County Council leader Mark Bee last night insisted he wants to continue playing “an active role” in politics in Suffolk, as he announced he would quit his role next month.

Campaigners say it is promising that schools are reporting racist incidents

Almost three incidents of racism were reported in Suffolk schools every day during the last academic year, shock new figures have revealed.

Easter fun at Kesgrave Library. Tabitha and Sebastion Degiorgio.

Eggs – chocolate and real ones – were on everyone’s minds as a library held a family event to mark the Easter season.

Hunting for eggs

Will you be feeding the newborn lambs at The Museum of East Anglian Life, trying your hand at archery at Ickworth House or hunting eggs at The Middy’s Steam up this weekend?

Most read

Most commented

Topic pages