Oil major Shell said today called the decision to introduce transferable tax history for the oil and gas sector was a positive step forward.
For months, industry leaders and politicians have been calling for the reform to make it easier to sell mature oil and gas fields.
Today, Chancellor Philip Hammond said transferable tax history would be introduced for the oil and gas sector in November 2018.
Shell recently completed the sale of a package of North Sea assets to Chrysaor for up to $3.8billion.
Steve Phimister, upstream vice president for the UK and Ireland at Shell, said: “Today’s announcement by the Chancellor is a positive step forward following evidence which was presented by the UK oil and gas sector. Maintaining a globally competitive fiscal environment is important as operators look to collaborate and to invest in the UKCS.
“Shell will continue to work with industry, the regulator and government as we seek to rejuvenate the basin and maximise economic recovery in the North Sea.”
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