Chevron criticises North Sea oil tax rise - FT

LONDON, April 18 Mon Apr 18, 2011 5:46am IST

Related Topics

Stocks

   

LONDON, April 18 (Reuters) - The head of U.S. energy major Chevron on Monday criticised Britain's tax increase on North Sea oil and gas production, saying the decision could have "unintended consequences."

"When you increase taxes every few years, particularly without consulting with industry, there will be unintended consequences of that in terms of where we choose to invest," chairman and chief executive John Watson said in an interview with the Financial Times.

Britain last month announced a surprise tax increase on oil and gas production in the North Sea, raising the tax to 32 percent from 20 percent. [ID:nLDE72M1PB]

The government has defended its decision, saying it expects higher oil prices to help the investment outlook.

Watson said the move was "very disappointing" and made Britain "one of the more unstable investment climates for our business."

"My biggest concern is not just the level of tax, it's the stability and the predictability of the tax." (Reporting by Karolina Tagaris; Editing by Dhara Ranasinghe)

FILED UNDER:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage