"THE boss of American oil giant Chevron has become the latest leading oil industry figure to condemn Chancellor George Osborne's £10 billion tax raid on the profits of North Sea oil and gas companies.
John Watson, chairman and chief executive of Chevron - the United States' second largest oil company - has warned there may be "unintended consequences" stemming from the government's decision to raise the tax on companies operating in the UK continental shelf (UKCS) to fund the 1p a litre cut in fuel duty.
Mr Watson called the Chancellor's tax hike "disappointing".
And he claimed: "When you increase taxes every few years, particularly without consulting with the industry, there will be unintended consequences of that in terms of where we choose to invest. Chevron produces oil and gas in 26 different countries. We choose venues that have the right geologic and fiscal terms."...............read more here
Mr Watson called the Chancellor's tax hike "disappointing".
And he claimed: "When you increase taxes every few years, particularly without consulting with the industry, there will be unintended consequences of that in terms of where we choose to invest. Chevron produces oil and gas in 26 different countries. We choose venues that have the right geologic and fiscal terms."...............read more here
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