Shell said today’s Budget marked “another step forward” in the oil and gas industry’s quest to squeeze out as many barrels out of the North Sea as it can.
Chancellor Philip Hammond repeated last night’s Treasury announcement that a panel of industry experts would be convened to consider how tax reforms could ease the sale of mature oil and gas fields.
The Treasury also said the UK Government would publish a discussion paper on how to support the sector.
Steve Phimister, Shell’s Vice President for UK Upstream, said: “Today’s announcement is another step forward in helping to meet the UK’s goal of maximising the economic recovery of oil and gas assets in the North Sea.
“The oil and gas industry will continue to work in partnership with the government and the OGA to ensure a safe, competitive and sustainable basin in the UKCS.”
