Seismic reflections : Taxing matters

Our team attended the North Sea Oil & Gas conference in Aberdeen this week. Without doubt the topic of discussion was the tax changes in the 2011 budget and the impact on the oil industry. While the press has jumped on the obvious (projects being put on hold, declining production, less investment and job creation in the North Sea), there are more considered questions that were raised by the industry which we find put the North Sea oil players at a disadvantage to peers operating elsewhere.

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