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Government renews pledge to the North Sea oil and gas industry

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The exchequer secretary, Andrew Jones, has reiterated the government’s commitment to supporting the UK’s oil and gas industry in a speech to the Society of Petroleum Engineers (SPE) Offshore Europe Conference in Aberdeen. He confirmed that the government will publish its response at the Autumn Budget to its recent consultation on possible tax incentives associated with allowing UK continental shelf (UKCS) late-life assets to be bought and sold. ‘I am talking about transferable tax history here,’ Jones said.

He also referred to the estimated £60bn it will cost to clean up redundant North Sea facilities, with around £24bn of these costs to be met through decommissioning tax relief.