In his Budget statement, George Osborne said Petroleum Revenue Tax (PRT) would be cut from 50% to 35% to support continued production in older fields.

The existing supplementary charge for oil companies will also be cut from 30% to 20%, backdated to January.

A new Investment Allowance has been announced to stimulate investment at all stages of the industry life- cycle, simplifying the existing system of offshore field allowances, and providing investors with greater certainty.

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