N. Sea oil chiefs hand new Budget tax and investment wish-list to Hammond

The trade association for the N. Sea oil and gas industry has highlighted its ‘three big wishes’ from the British chancellor in the November budget this year.

Philip Hammond, MP, yesterday visited Aberdeen which Deirdre Michie, Oil & Gas UK Chief Executive said ‘sent a strong message of support for industry’ and that his funding announcement to help stimulate exploration – particularly hard hit in the lower-for-longer crude oil price slump – was a ‘welcome boost’.

The trade body is also calling for:

  • Continued public commitment to the Driving Investment Plan – as this provides investors with the required fiscal predictability and confidence to invest in the North Sea.
  • Enabling Transferable Tax History – allowing a part of tax history to transfer from the seller to the buyer of North Sea oil and gas assets, which allows assets to move to those most suited to extend the productive life of the basin.
  • Support for the supply chain – by improving access to finance and recognition of competitiveness, attracting new investment.

Michie added: “With the right support from government and a relentless focus on efficiency from industry, we can maximise our domestic resources, while anchoring our supply chain here in the UK for the long-term.”

26 Sept 2017

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