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Legal Update

North Sea Oil & Gas Tax Breaks Announced

March 2015
Mayer Brown Legal Update
In the Budget 2015 delivered on Wednesday 18 March 2015, the Chancellor of the Exchequer George Osborne set out several significant tax breaks for the UK oil and gas sector. Set against the background of a maturing UK basin, albeit one with significant resources as yet unexplored, the Government states that these measures are "expected to lead to over £4 billion of additional investment and at least 120 million barrels of oil equivalent of additional production in the next 5 years."


  • James Hill
    T +44 20 3130 3227
  • Robert Hamill
    T +44 20 3130 3558

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