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8

Heavier Taxation To Damage Fragile Oil Sector

North Sea oil and service companies will meet with Treasury officials...

North Sea oil and service companies will meet with Treasury officials today to discuss the danger of a windfall tax, being imposed by the chancellor as he seeks to balance the books.

Abbot Group, Tullow Oil, Dana Petroleum and others will argue at the summit that heavier taxation would damage an already fragile sector that is in need of help< The Guardian reported.

The smaller and medium-sized firms are worried that the bigger hitters - BP and Shell, along with the UK Offshore Oil Industry Association - have presented too rosy a picture of the oil sector's fortunes.