Study shows reduced investment due to new UK tax rates

05/16/2011
Eric WatkinsOil Diplomacy EditorA new study published by Scotland's University of Aberdeen highlights the substantial long-term reductions in field investment and oil and gas production that would result from the increased tax rates recently announced by the British government.Britain's Chancellor of the Exchequer raised the rates to 81% to 75% on the older, mature fields subject to Petroleum Revenue Tax (PRT) and to 62% from 50% on fields not subject PRT.The study examined the economic effects of these increases on fields and projects that could be developed over the next 30 years as well as on existing sanctioned fields."These changes are clearly substantial and will inhibit the at...
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