UK government could be risking a billion barrels of North Sea oil and hundreds of thousands of jobs

By Rita Brown

March 8, 2016, 10:54 am Updated: March 8, 2016, 11:18 am

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Oil and Gas UK today made a rallying call to the UK government to rethink its tax strategy or risk costing the North Sea a billion barrels of oil and hundreds of thousands of jobs.

The industry body demanded a 20% cut in tax – currently set at 50% for production profits or 67.5% for older fields – and the repeal of the Petroleum Revenue Tax be delivered in next week’s Budget.

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