UK offshore energy firms to invest record £13 Billion

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Britain’s offshore oil and gas sector will invest a record £13 billion $19.6 billion, 14.8 billion euros in 2013, boosted by the impact of taxation changes in the previous year, an industry survey showed Monday.Overall investment is expected to surge by 14 percent this year, compared with £11.4 billion in 2012, industry body Oil & Gas UK said in a statement detailing its latest activity survey. Last year’s figure had already been a 30-year high.”Here is some really good news for the UK,” said Oil & Gas UK chief executive Malcolm Webb.”After two disappointing years brought about by tax uncertainty and consequent low investment, the UK continental shelf UKCS is now benefitting from record investment in new developments and in existing assets and infrastructure, the strongest for more than three decades.”He added that last year’s changes in the taxation regime, which were aimed at promoting the development of a range of difficult energy projects, had prompted many companies to reassess their plans and sparked a new wave of investment.Oil & Gas UK, which represents more than 300 firms, added that output was forecast to surge over the next three to four years thanks to the recent surge in investment.

via UK offshore energy firms to invest record £13 bn – Yahoo! News Maktoob.

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