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The Chancellor of the Exchequer today announced new targeted tax reliefs for brown field areas, aimed at incentivising investment in, and supporting continued production from, older oil and gas fields in the North Sea
Eligible fields are those whose development is authorised for the first time on or after 25 July 2012, with a share of gas reserves greater than 95 based on the central estimates of oil and gas reserves at the time of development authorisation, and with water depth less than 30 metres
The Chancellor of the Exchequer handed down the 2012 Budget on the 21st of March, saying the Government would not settle for a 'do nothing' Budget, but what did it do for North Sea oil and gas?
