Oil Executives Warn Against North Sea Tax Rises

Senior oil executives are warning the U.K. Chancellor of the Exchequer Gordon Brown that any attempt to raise taxes on the industry could have a disastrous effect on North Sea production.

Activity in the North Sea has recovered from a slump in 2002, when the Treasury introduced a 10% supplementary tax on the industry. The U.K. government this week awarded the highest number of oil exploration licenses for more than four decades.

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Posted 12/09/05

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