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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (2701)	8/10/2001 10:51:13 AM
From: Greywolf	Read Replies (1) \| Respond to of 2742

Firms Braced For Higher North Sea Taxes, Aren´t we glad to be out... London, Aug. 9 The British government is expected to impose higher taxes on oil companies operating in the North Sea following the announcement of higher profits by BP and Shell, according to industry sources."We think the government will be looking for revenues and they will see the North Sea as the place to get them," one industry executive was quoted saying by the Guardian newspaper Thursday. He was said to have dismissed the idea of a so-called "windfall tax" on profits as speculated by the press, suggesting it would be impossible to levy and too crude a method to extract extra revenues. Britain's Labour government carried out a review of the North Sea tax regime after it came to power in 1997, but potential changes were shelved after oil prices plummeted from more than 30 dollars per barrel to 10 dpb. With price averaging over 26 dpb and oil companies making record profits, suggestions are that Chancellor of the Exchequer Gordon Brown may look to the North Sea in next year's budget in an effort to raise revenues during the economic downturn.