UK Press: Oil Executives Warn Against North Sea Tax Rises

LONDON Sep 09, 2005 (Dow Jones Commodities News via Comtex)

Senior oil executives are warning the U.K. Chancellor of the Exchequer Gordon Brown that any attempt to raise taxes on the industry could have a disastrous effect on North Sea production, the Financial Times reports Friday.

Activity in the North Sea has recovered from a slump in 2002, when the Treasury introduced a 10% supplementary tax on the industry. The U.K. government this week awarded the highest number of oil exploration licenses for more than four decades. Copyright (c) 2005 Dow Jones & Company, Inc.