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Tax cut on shallow-water gasfields due to lift UK gas activity

The UK government has cut tax charges on large shallow-water gasfields

The UK government has cut the tax charge on large shallow-water gasfields, in a move which Oil & Gas UK, the producers’ and suppliers’ association, says could lead to the go-ahead for development projects worth £2.4 billion ($3.7bn). The announcement was followed by GDF Suez’s confirmation that it is moving towards a development application for its Cygnus field, and it is expected to lead to an upturn in the UK’s drilling figures. The tax incentive is targeted at gasfields with reserves in the range 10bn-20bn cubic metres (cm) and lying at water-depths of less than 30 metres. The first £500 million of production income from such fields is to be exempt from the 32% supplementary charge –

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