U.K. TAX REVAMP COULD SEND MONEY, RIGS FLEEING TO GULF OF MEXICO

Changes in the U.K.'s petroleum revenue tax may divert exploration funds to the U.S. Gulf of Mexico. And movement of rigs from the U.K. North Sea into the gulf could halt a climb in gulf rig rates. That's the assessment of Robert Moses, president of British-Borneo Exploration Inc., Houston. If proposed changes in the PRT (OGJ, Mar. 29, p. 33) are implemented, wildcats and appraisal wells off the U.K. could cost three or four times as much as under the current tax regime. Operators may

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