Budget Provides Some Relief To North Sea Producers

The British Chancellor of the Exchequer Alistair Darling outlined a series of measures in the budget announced on April 22 that are designed to boost UK oil and gas production by 2bn barrels of oil equivalent (boe). The new measures provide various incentives to encourage the development of smaller and more challenging fields in the North Sea, as well as assisting companies that are seeking to change the use of depleted oil and gas fields by converting them into natural gas or carbon storage facilities.

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