SHELL U.K. BACKS PRT REFORMS
Shell U.K. Ltd. has spoken out in favor of the U.K. government's proposed oil industry tax reforms disclosed in March. Shell said the thrust of the government's proposal is correct and reforms should proceed June 30 as planned (OGJ, Mar. 22, p. 31). Reducing the petroleum revenue tax (PRT) on existing fields will encourage investment, Shell said. "The mature state of the North Sea as an oil and gas province requires greater emphasis on maximizing recovery from existing fields."