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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Tomas who wrote (1888)	10/25/2000 5:39:11 AM
From: Greywolf	Read Replies (1) of 2742

Change In North Sea Oil Tax Not Expected Before Next UK Elections London, Oct. 25, -- No change is expected in Britain's North Sea petroleum revenue tax on offshore producers before the next general election, according to the UK's Energy Minister Helen Liddell. Chancellor of the Exchequer Gordon Brown told her that "he didn't envisage a change" during the life-time of the current parliament, she was quoted saying by the Financial Times Wednesday during a conference on the 'North Sea Beyond 2000.' Economists have suggested that the government may be tempted to claim a greater share of North Sea revenues during the current climate of high oil prices as a way of transferring the growing fuel tax burden on motorists. During last month's petrol crisis caused by protests against fuel taxes, speculation was that Brown may revive his earlier review of the North Sea tax regime that was shelved in 1998, when crude prices were low. The decline in North Sea taxes has meant that the government took only Pnds 2.6 billion (Dlrs 3.9 bn) in taxes from offshore oil company profits of Pnds 13.4 bn last year, compared with Pnds 4.6 bn in taxes from profits of Pnds 10.3 bn in 1987.

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