Tuesday 30 October 2018

Oil & Gas UK has welcomed the UK Government’s commitment to maintain fiscal conditions in recognition of industry’s hard work in improving its competitiveness, following the publication of the government’s 2018 Budget on 29 October 2018.

Chancellor Phillip Hammond announced that the current headline tax rate will continue. He also stated that the UK government will launch a call for evidence on its plans to make Scotland a global hub for decommissioning.

It comes after Oil & Gas UK recently revealed that 11 projects have been announced by companies this year – more than the last three years combined, with more expected in the coming months.

The decommissioning market in the North Sea is forecast to grow steadily and is likely to be worth £1.8 billion per annum on average over the next decade.