Norway Says Tax Reform to Boost Marginal Oil Projects Amid Slump
- Lower corporate tax will stimulate activty, Oil Minister says
- Oil lobby has `no reason' to complain about lacking incentives
Workers move along an access way above the giant supporting legs of the Oseberg A offshore gas platform in the Oseberg North Sea oil field 140kms from Bergen, Norway.
Photographer: Kristian Helgesen/BloombergThis article is for subscribers only.
Norway’s proposed tax reform will benefit marginal oil projects such as increased-recovery plans at a time when producers are cutting costs and delaying investments amid a slump in commodity prices.
The Conservative-led minority government’s proposal to cut the corporate tax to 25 percent from 27 percent while raising Norway’s special petroleum tax to 53 percent from 51 percent will help producers because the base for the corporate tax is wider than for the special tax, Petroleum and Energy Minister Tord Lien said in an interview in Oslo on Thursday.