Editorial: The UK tax hike

UK Chancellor Gordon Brown didn’t even spin it well. He surprised the UK North Sea oil and gas producing industry with a tax increase and acted altogether untroubled by the need to make economic sense of it (see Newsletter and p. 35).“With the tax on new development in the North Sea now lower than in the USA and the Gulf of Mexico, Norway, Italy, and Australia, and in order to strike the right balance between producers and consumers, I will raise the supplementary North Sea charge from 10% to 20%,” Brown said in a Dec. 5 budget speech after pointing out that North Sea investment returns have risen lately. To summarize the argument: Industry profitability is up, taxation ...

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.


Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected