U.K. JOB LOSS SEEN IN PRT CHANGES

The U.K. Treasury has acknowledged that changes in the country's petroleum revenue tax could result in the loss of 10,000 jobs in Britain's North Sea oil and gas industry. Changes in the PRT were disclosed by Chancellor Norman Lamont last month (OGJ, Mar. 22, p. 31). However, the U.K. government believes the L700 million ($1.05 billion) to be recouped in the first 3 years under the new tax regime would offset the job losses. Defense of PRT reforms came in response to pressure from

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