Oil & Gas UK’s chief executive, Malcolm Webb, said: “Oil & Gas UK and a number of its member companies had a very constructive meeting this afternoon with Justine Greening at Offshore Europe. We now look forward to engaging with the Treasury to discuss the particulars of the investment which is currently not proceeding under the existing tax regime. Both the industry and the Treasury are committed to an early engagement on this. Similar good progress continues to be made in the discussion of proposals to resolve the current uncertainty regarding decommissioning relief. Finally, the industry was pleased to receive proposals from the Treasury to establish a new fiscal forum for the UK offshore oil and gas industry and Oil & Gas UK looks forward to the first meeting of that new and important forum later this year.”

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