North Sea oil and gas operator Taqa Bratani said yesterday it had been granted approval for a revised development plan for its Pelican field to include additional drilling.
The project will now qualify for the brownfield tax allowance being introduced by the UK Government.
Brownfield allowances will reduce the tax rate on revenues from qualifying investments in older North Sea fields. Taqa Bratani said the tax break allowed it to extend the field life of Pelican, with new wells coming into production in the third-quarter of this year. Pelican is tied back to the firm’s Cormorant Alpha platform and produces around 5,000 barrels of oil per day.