U.K. YIELDS PRT REFORM CONCESSIONS

The U.K. government bowed to criticism of recent Petroleum Revenue Tax and increased transitional tax relief on exploration and appraisal drilling until yearend 1994. Companies now can claim as much as 10 million each on drilling programs affected by a treasury plan to abolish exploration and appraisal drilling clawbacks (OGJ, Mar. 22, p. 31).

June 21, 1993

The U.K. government bowed to criticism of recent Petroleum Revenue Tax and increased transitional tax relief on exploration and appraisal drilling until yearend 1994.

Companies now can claim as much as 10 million each on drilling programs affected by a treasury plan to abolish exploration and appraisal drilling clawbacks (OGJ, Mar. 22, p. 31).

About 200 million had been earmarked in the budget for transitional relief, but there was confusion over how this would be allocated. Leading PRT tax reform critic Amerada Hess Ltd. welcomed recognition of the need to change tax reform plans proposals (OGJ, Mar. 29, p. 34) but said the concession did not go far enough to stem the fall in exploration activity.

U.K. YIELDS PRT REFORM CONCESSIONS

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