Response by the UK Offshore Operators' Association to Budget 2004
Wednesday 17 March 2004
Response by the UK Offshore Operators' Association to Budget 2004
The UK Offshore Operators Association (UKOOA), the representative body for offshore oil and gas producers in the UK, acknowledges confirmation of the details of the Exploration Expenditure Supplement in todays Budget, which have previously been announced.
Two technical measures were also announced to address anomalies which the Inland Revenue has identified regarding the trading in and valuation of mature, pre-1993 fields which are currently liable for Petroleum Revenue Tax (PRT). These are detailed provisions and UKOOA will be reviewing their potential impact.
The offshore oil and gas industry will continue its talks with Government about further possible joint measures (both fiscal and non-fiscal) that will help to enhance the competitiveness of its activities on the UK Continental Shelf, and target the recovery of remaining oil and gas reserves.
Ends
Note to Editors
The UK Offshore Operators Association (UKOOA) is the representative organisation for companies licensed by the British Government to explore for and produce hydrocarbons in UK waters. It has 30 members.
For more information, please call 020 7802 2400.
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