Chancellor’s Pre-Budget Report Statement - 2 December 2004
Thursday 2 December 2004
Chancellor’s Pre-Budget Report Statement - 2 December 2004
Response from the UK Offshore Operators Association, the industry organisation representing UK oil and gas producing companies:
"The UK oil and gas industry has been assured that there will be no changes to the North Sea tax regime for the rest of Parliament. We therefore did not expect the Chancellor to make any specific announcement regarding our industry.
"The challenges for those working in the North Sea and around the UK remain. We are a high cost province generating smaller discoveries. Any unexpected, punitive tax change at this stage of the North Sea's development would damage business confidence and prospects, putting investment and jobs at risk. A stable and predictable fiscal regime is essential if we are to maximise the benefits from the UK's oil and gas reserves. We are confident that the Government recognises this fact."
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