Cambo oil field owner reveals no tax to pay on project ‘for years’ due to ‘attractive’ UK rules

  • Date: 10-Nov-2021
  • Source: SkyNews
  • Sector:Oil & Gas
  • Country:Gulf
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Cambo oil field owner reveals no tax to pay on project ‘for years’ due to ‘attractive’ UK rules

The main owner of the controversial Cambo oil field has highlighted in a company presentation that it is not due to pay tax for "for many years" on its projects in the North Sea due to the UK's "attractive" tax regime.

UK-based Siccar Point Energy co-owns Cambo with Shell. The field is thought to contain up to 800 million barrels of oil.

The government is due to grant a final permit to begin drilling there, prompting a national campaign from environmentalists to stop the new extraction of fossil fuels, as recommended by both the UN and the International Energy Agency.