TAX REFORMS RAISE QUESTIONS FOR OIL INDUSTRY IN THE U.K.

Graham K. Kellas Petroleum Economist Petroconsultants (U.K.) Ltd. London In a move to "eliminate tax rules which distort investment decisions," former U.K. Chancellor of the Exchequer Norman Lamont surprised the oil industry in his March budget speech. The budget provoked an often bitter row, which has raged since then between the oil companies and government, and among the companies and government departments themselves. Lamont announced a major reform to the petroleum revenue tax (PRT)

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