The Times: North Sea oil companies call for tax reforms

Business confidence at North Sea oil companies has nosedived to its lowest level in five years, prompting calls from industry leaders for “fundamental change” and lower taxes.

The slump undermines claims by Alex Salmond that offshore oil and gas can be relied upon to produce up to 24 billion barrels of oil in the next few decades and yield billions in tax revenues for an independent Scotland.

The quarterly survey by Oil & Gas UK aims to capture a snapshot of the industry’s mood and is drawn from a number of indicators including business confidence and income, activity levels, investment
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