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Tax relief for offshore gas exploration firms
Tax relief for offshore gas exploration firms
28 January 2010
Offshore gas exploration companies are to get up to £160m of tax relief for each field under the most daunting areas of British waters.
Chancellor Alistair Darling announced the planned legislation to encourage more drilling to the west of Shetland.
The Treasury believes the area contains about a fifth of the UK's remaining oil and gas reserves.
The news came as Energy Minister Lord Hunt announced a new round of licensing for exploration under UK waters.
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