UK changes tax laws for North Sea exploration and production activities to drive investments and check rising gas imports

UK Changes Tax Laws for North Sea Exploration and Production Activities to Drive Investments and Check Rising Gas Imports.

The 2012 UK budget announcement on decommissioning tax relief, followed by the recently announced tax break for operators of shallow-water gas fields in the UK North Sea region, have drawn investors' attention to the exploration and production activities in the North Sea. The UK government's changes to tax laws for North Sea exploration and production activities are expected to drive investments, boost production, and check the country's rising gas imports. The government aims to make its oil and gas industry highly attractive for investment. Soon after the tax break announcements, three major projects and deals were announced involving oil and gas assets in the UK North Sea.

Source: Business Wire.