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Oil industry: Tax law threatens projects for USD 13.2 billion

New planned production wells worth a total USD 13.2 billion are currently endangered in the Norwegian part of the North Sea, says the industry, where the increased taxes from 2013 are back on the agenda.

Photo: Harald Pettersen - Statoil

The government in Oslo is looking into whether some of the oil industry's projects can be temporarily exempted from the new tax rules introduced in 2013, which tightened the oil industry's favorable rules in terms of writing off investments.

But as things look now, the proposal is far too narrow, says industry organization Norwegian Oil and Gas, and it could ultimately end up endangering planned projects worth as much as USD 13.2 billion, according to Bloomberg, as the projects are at risk of not being covered by the transitional period the government is currently considering in relation to the tax rules.

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