LONDON, July 5 Norwegian oil and gas producer
Statoil said on Tuesday it would resume preparatory
work on North Sea Oil fields after Britain announced additional
support measures for firms that operate in small oil fields.
Statoil had suspended $10 billion worth of projects off
Britain after UK finance minister George Osborne announced a
surprise increase in tax on North Sea oil producers earlier this
But the company said it would now resume preparatory work on
the projects before making final investment decision at the end
of next year after the government announced it was raising a tax
support threshold for oil companies.
"With this announcement today, the negative tax impact has
been neutralised," a Statoil spokesman told Reuters.
"We're now able to move forward at full speed with the
technical and commercial work we need to do before a final
announcement is made," he added.
(Reporting by Fiona Shaikh)