United Kingdom

Details

  • Type: Press release
  • Date: 05/12/2012

Autumn Statement 2012: Government support to boost Shale Gas exploration 

Wednesday 5th December 2012


Anthony Lobo, KPMG UK Head of Oil and Gas said:


"Government's plan to consult on an appropriate fiscal regime for shale gas exploration is a positive sign for the industry. The UK has been seen as a negative place to invest recently due to very high levels of fiscal uncertainty.  The tax increases in 2011 resulted in lowest levels of investment in years.  Production also plummeted by 19% in 2011 predominantly as a result of the increase in supplementary charge, this drop negated any tax revenues the government hoped to realise.

 

The announcement today signals the government's intent to support investment in Oil and Gas. Coupled with the wider measures expected in the Gas Generation Strategy this should help diminish the uncertainty that has held back investment in the wider sector.

 

Ends


Follow us on twitter: @kpmguk #AS2012

www.kpmg.com/uk/autumnstatement

For further information please contact:
KPMG Press office
Tel:  +44 (0) 207 694 8773
Mark Hamilton, KPMG Corporate Communications
Mark.hamilton@kpmg.co.uk

 

About KPMG:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff.  The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.

 

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