North Sea landmark move hailed

The UK Government moved yesterday to take down a “major barrier” to billions of pounds of new investment in the North Sea oil and gas industry.

The Treasury published details of its proposed decommissioning relief deed, which aims to provide companies with legally guaranteed assurances that tax breaks for cleaning-up ageing platforms will not change.

The plan, announced by Chancellor George Osborne in his Budget in March, follows months of talks between the industry and was hailed last night as a “significant landmark” for the sector.

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