Anaysts snub proposed UK petroleum revenue tax cut

UK officials hope the oil and natural gas industry will be encouraged to develop marginal North Sea fields because of the economic benefits of some recently announced relief from the petroleum revenue tax. Analysts based in the UK and US, however, were less than enthusiastic about the announcement.Effective Jan. 1, 2004, the UK will eliminate the PRT on new shipments of oil and gas through associated pipelines and platform infrastructure built before 1993 (OGJ Online, Apr. 15, 2003).Proponents claim the measure provides tax relief that will lower pipeline costs and consequently lower production costs enough to spur new exploration and development activity. Tariffs make up a significant p...

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