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North-east oil companies to benefit from tax incentives
A government tax break to encourage oil and gas exploration could lead to a number of new contracts for engineering firms in the Tees Valley, it has been revealed.
According to the Evening Gazette, a generous government tax allowance of up to £160 million per field could lead to lucrative work for those companies able to drill deep enough.
The news provider cited comments from NOF Energy's chief executive George Rafferty that Oil and Gas UK has been calling for incentives to stimulate the energy industry.
"Work will certainly start to filter through to the Tees Valley supply chain in the next two to five years. We are working with Total among others to bring operators to the region," he added.
French giant Total is leading the field with the £2 billion Laggan-Tormore gas project, while local engineering companies on Teesside are already gearing up to bid for the work.
This week, the Herald reported that the government tax break for energy companies could create up to 600 UK jobs and produce a total investment of £14 billion.
Posted by Jared Atreides
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