Mike Tholen, Oil & Gas UK’s economics and commercial director, said: “Since the tax changes announced in the last Budget, we have been engaged in constructive dialogue with the Treasury on the fiscal regime, particularly regarding ways to stimulate investment in uncommercial fields and to resolve the uncertainty around tax relief on decommissioning costs by Budget 2012.  We consider it  timely to wait until the Budget to address these matters and believe it would have been premature to see an announcement in the Autumn Statement. The Treasury did indicate that it would consult on measures to promote research and development by larger companies and on that we will look to engage.”

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