Oil major Shell’s vice president from Upstream in the UK & Ireland said changes brought in by the government are a “step in the right direction” to help the North Sea oil and gas industry.
Chancellor George Osborne introduced a raft of measures which includes a further reduction in Supplementary Tax from 20% to 10%.
Meanwhile, Petroleum Revenue Tax (PRT) has also been “abolished” by the Conservative-led Government.
Paul Goodfellow said: “Today’s changes to the tax regime are a step in the right direction to improve the North Sea oil and gas industry’s competitiveness in the current challenging environment. As an industry we are taking steps to safely reduce our cost base and increase efficiency, working alongside the government and OGA.”
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