FT: UK to benefit from North Sea investment

Britain is set to benefit from a surge of investment of up to £100bn in the development of North Sea oil and gas assets, a trend that is set to reverse a sharp decline in output.

In its annual snapshot of the sector, industry group Oil & Gas UK argued that the damage to investment caused by the chancellor’s £2bn tax raid in 2011 – when top marginal tax rates were raised to 81 per cent – had largely been overcome.

The trade group said overall spending is expected to increase from £11.4bn in 2012 to £13bn this year.  MORE