Investment in the North Sea could be boosted if “constructive work” on decommissioning tax relief is aimed at enabling the sale of older assets to take place.
Following the publication of its annual Economic Report 2016, trade body Oil and Gas UK (OGUK) is calling on the government to “vigorously champion” the industry. It also wants the UK Treasury to ease the transfer of tax reliefs when aging assets are sold as a means to fight the dearth of investment threatening the viability of billions of barrels of North Sea oil.
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