The Norwegian government has ignored calls for industry tax breaks amid an uncertain marketplace and tightening budget belts.
The country’s oil industry, through the Norwegian Oil and Gas Association, had previously lobbied Norway’s government to pave the way for more incentive based tax breaks for increased-recovery projects in a bid to boost market returns.
However, at a petroleum tax conference in Oslo today, Finance Minister Siv Jensen said: “I have no plans on making any changes in the tax system for this.
“We need to have a stable framework for this industry.”
Norwegian giant Statoil, Royal Dutch Shell and Total were all behind the Norwegian Oil and Gas Association’s political push.
Statoil is just one of the companies cutting investment in the coming year as part of a strategic move to counter rising costs and dipped oil prices.
In the UK, the industry eagerly awaits the autumn statement on December 3 for news about its own tax breaks.
As reported previously by Energy Voice, Chief Secretary to the Treasury Danny Alexander pledged to deliver “positive” tax news to offshore firms next month.
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