UK offers tax boost package as 26th bidding round opens

02/08/2010
The British government announced a package of tax incentives worth up to £12 billion aimed at unlocking oil and gas reserves in the Atlantic frontier west of Shetland—an area estimated to contain 20% of the country's remaining unexploited oil and gas reserves."The government recognizes the importance of the UK oil and gas industry to our economy and the dependable foundation it provides for the UK's energy security," said Chancellor of the Exchequer Alistair Darling."While we are trying to reduce our dependence on fossil fuels, we must and do recognize that this will be a long transition and our oil and gas reserves will continue to play a vital role in supplyin...
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