U.K. announces plan to boost offshore E&D

The U.K. Department of Trade and Industry (DTI) has announced new measures aimed at boosting U.K. offshore oil and gas exploration and development. While the measures fall short of operators' requests for a lighter taxation regime, they include streamlined licensing rules and a chance to postpone spending on some drilling commitments. The new measures were formulated by a joint government and industry task force, chaired by Energy and Industry Minister John Battle. The group's mission is to help sustain U.K. offshore activity at a time of low oil prices. Key changes Announcing the new measures, Battle said the task force had suggested key changes to DTI's s...

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