Expert: Tax Breaks Will Create 50 New Oil Fields in North Sea
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Summary
ALISTAIR Darling's Budget move to support investment in small and less profitable oil and gas reserves could lead to the development of up to 50 new North Sea fields, a respected industry expert has concluded.
A study undertaken by Professor Alex Kemp has forecast that even with oil prices as low as dollars 40 a barrel up to 40 new field developments could be triggered over the next 25 years. And at dollars 60 a barrel the development of 50 new fields could inject a welcome GBP 8 billion in additional spending for the country's oil and gas supply chain.See the full content of this document
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Expert: Tax Breaks Will Create 50 New Oil Fields in North Sea
Kemp, an oil economist at Aberdeen University, who carried out the detailed study with colleague Linda Stephen, said the new tax incentives would enhance long-term activity in the ...
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