Wednesday, 4 May 2011

UK will 'utterly destroy' North Sea industry

Oil and gas leaders will on Wednesday make a last-ditch effort to persuade the Government to abandon a £10bn tax grab on North Sea energy companies, amid warnings the levy will "utterly destroy" the industry.

Chief executives are expected to tell the energy select committee that the tax will close down fields early and mean the majors find it difficult to sell older fields to new owners.

Meanwhile, Chris Huhne, the Energy Secretary, will have to defend the impact the tax is likely to have on oil and gas production at a time when Britain needs to bolster its energy security.

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