{"id":413639,"date":"2011-05-02T01:40:42","date_gmt":"2011-05-02T01:40:42","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/02\/uk-gas-field-may-close-in-tax-row\/"},"modified":"2011-05-02T01:40:42","modified_gmt":"2011-05-02T01:40:42","slug":"uk-gas-field-may-close-in-tax-row","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/02\/uk-gas-field-may-close-in-tax-row\/","title":{"rendered":"UK gas field may close in tax row"},"content":{"rendered":"

1 May 2011<\/span> Last updated at<\/span> 21:40 ET<\/span><\/span><\/p>\n

Centrica, the owner of British Gas, says it might shut one of its major gas fields because of increased taxes.<\/p>\n

The company is closing three fields in Morecambe Bay for a month of maintenance, and says it might not reopen one of them.<\/p>\n

In his Budget, Chancellor George Osborne raised supplementary tax on oil and gas production from 20% to 32%.<\/p>\n

Centrica says UK producers now face some of the highest taxes in the world.<\/p>\n

The company has closed the Morecambe Bay North and Rivers gas fields for about four weeks’ planned maintenance.<\/p>\n

It is also shutting the South Morecambe field for an unspecified period of work, and the firm says it might not be restarted.<\/p>\n

‘Profitability can be marginal’<\/span><\/p>\n

“UK oil and gas producing fields are now subject to some of the highest levels of tax in the world,” a spokesman said.<\/p>\n

“At these higher tax rates, Morecambe’s profitability can be marginal … Accordingly, we may choose to buy gas for our customers in the wholesale markets in preference to restarting the field after planned maintenance.”<\/p>\n

Continue reading the main story<\/a><\/p>\n

\u201cStart Quote<\/span><\/h2>\n
\n

Companies are reflecting real concern… they just don’t need this grief\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span> Mike Tholen<\/span> Oil and Gas UK<\/span><\/div>\n

Morecambe Bay produces about 6% of the UK’s annual gas requirements, or up to 12% of residential gas demand, according to Centrica.<\/p>\n

The company says the tax increase means its North Morecambe field is now subject to a 62% tax rate and South Morecambe 81%.<\/p>\n

The Chancellor’s move, in his Budget in March, was designed to raise \u00a32bn to fund a cut in fuel duty.<\/p>\n

Industry bosses have criticised the new tax, describing it as short-sighted.<\/p>\n

Mike Tholen from the industry body, Oil and Gas UK, says energy companies are working in a competitive industry and they are unhappy about three tax increases in the past decade.<\/p>\n

He says: “I think companies are actually reflecting real concern for their shareholders because they are trying to manage long term businesses — of which the UK is part of a much bigger portfolio for many companies — and they just don’t need this grief.”<\/p>\n

Industry leaders met the Chancellor to discuss the tax rise last month, and said they were “disappointed” that he disagreed with them over the impact of the tax.<\/p>\n<\/div>\n

Continued here:
\nUK gas field may close in tax row<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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