Britain Cuts Taxes for North Sea Oil Producers
Britain's finance minister George Osborne said he would cut taxes for energy companies pumping oil from the country's North Sea fields, in a boost for the indstry which is suffering from the impact of low crude prices.
"I am today cutting in half the Supplementary Charge on oil and gas from 20 percent to 10 percent. And I'm effectively abolishing Petroleum Revenue Tax too," Osborne said in his annual budget statement on Wednesday.
Shares in oil companies with fields in the North Sea including BP, Shell and Cairn Energy (CRNZF) traded up on the news.
(Reporting by Sarah Young)
