Tax rise threat to 50,000 oil jobs FINAL Edition

The UK Offshore Operators Association (UKOOA) said that, between now and 2010, nearly a fifth of the 270,000 jobs supported by the oil and gas industry in the UK would be wiped out by firms cutting their budgets in the UK continental shelf as a direct result of the extra tax. Individual oil firms ha...

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Bibliographic Details
Published inScotsman (Edinburgh, Scotland : Daily)
Main Author Jane Gillard Northern Business Reporter
Format Newspaper Article
LanguageEnglish
Published Edinburgh (UK) Scotsman Publications 24.05.2002
Subjects
Brown, Gordon
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Summary:The UK Offshore Operators Association (UKOOA) said that, between now and 2010, nearly a fifth of the 270,000 jobs supported by the oil and gas industry in the UK would be wiped out by firms cutting their budgets in the UK continental shelf as a direct result of the extra tax. Individual oil firms have started to count the cost of the 10 per cent blanket tax on North Sea profits, with BP estimating that it will cost GBP 120 million this year and both Shell and Amerada Hess saying the tax hike will cost them GBP 68 million. Senior officials from UKOOA said 32 jobs were supported by every GBP 1 million investment in the North Sea and if investment dropped by 20 per cent, up to 50,000 jobs were at risk.
ISSN:0307-5850