UK To Study Tax Breaks for Field Divestments: BBC

UK finance secretary Philip Hammond will investigate the use of tax incentives to make it easier for operators to sell oil and gas fields, helping to keep them productive for longer, the BBC has reported ahead of the 2017 UK Budget announcement by Hammond in parliament lunchtime March 8 .

The full BBC report can be read here.

On March 7, industry association Oil and Gas UK said that $4bn worth of asset and corporate deals have been announced since January but that it believes that more can be done to facilitate the transfer of assets in the basin and so stimulate additional investment, which was why it and others were asking the finance ministry to revise the tax treatment of decommissioning liability.

UK finance secretary (or Chancellor of the Exchequer) Philip Hammond (Photo credit: Conservative party)