FT: Browne Calls for Extra North Sea Tax to Be Scrapped

Lord Browne, former chief executive of BP, has called on the government to scrap a supplementary tax on North Sea oil and gas revenues, warning that the recent plunge in crude prices had done “permanent damage” to the region’s ageing fields.

The peer’s comments heap pressure on chancellor George Osborne to use the Budget to roll back the 30 per cent levy, which has raised billions of pounds for the exchequer but risks burdening fields already made uneconomic by the oil price collapse.

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