U.K. Cuts Tax on North Sea Drillers Squeezed by Slump in Oil

Updated on
  • Shares of independent oil companies in region jump on news
  • One-time Treasury `golden goose' weighed down by rising costs

The U.K. cut taxes on the North Sea oil and gas industry, forgoing revenue of 1 billion pounds ($1.41 billion) over the next five years, as Chancellor of the Exchequer George Osborne seeks to ease the strain on producers squeezed by plunging prices.

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