Confidence increasing in UK oil and gas sector

The confidence of Britain’s oil and gas industry is increasing steadily, which could be down to the tax changes announced by the Government last year. Oil & Gas UK, the trade body for the UK offshore industry, revealed the sector scored 60 out of 100 in the final quarter of 2012 in its ‘Business Confidence […]

Chancellor unveils new tax break for the North Sea

Chancellor George Osborne today announced a new tax measure to support investment in the North Sea. The ‘Brown Field Allowance’ in older oil and gas fields is expected to save up to £500 million for some projects, potentially cutting companies’ tax bill by £160 million. The Chancellor said he hopes the savings generated by the […]