Technology opportunities in North Sea oil companies

Following George Osborne's inaugural budget last week, the Chancellor was praised for the measures he took to stimulate the British economy and entice corporate investment, including a lift in planning constraints and cuts in corporation tax. One group of big companies that hasn’t welcomed the budget outcome are those in the oil and gas sector, as the Chancellor has chosen to increase supplementary tax on the energy industry from 20 to 32 per cent. As an industry which is being charged with driving the recovery of the UK economy, it seems odd that the Government would choose to tax the energy industry as it struggles with external and internal forces. We spoke to decision-makers in the industry, who largely felt that oil and gas firms have enough to deal with without the British Government adding fuel to the fire.