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Budget plans awaited
Published 22.06.2010 13:37:54 by John Bradbury
British business including oil and gas companies were bracing themselves for a new government budget due to be announced at lunchtime which is expected to hit business hard. With the new Conservative-Liberal Democrat government seeking to slash public spending to begin paying off a massive deficit, businesses will be expected to take their share of responsibility for reducing national debt and that could well mean capital gains tax and other business taxes could rise. Chancellor George Osborne is expected to bring in the biggest budget for 20 to 30 years – for a generation – in a bid to balance the country's books. He has promised a budge which will be “tough but fair,” according to reports. Most government departments – including the Department for Energy and Climate Change – are forecast for cuts which will mean enforced savings on their operations. ![]() Athena contracts come outOperator Ithaca Energy has confirmed contracts with a Norwegian supplier for a new UK FPSO and a drilling contractor for its North Sea Athena development. Internationalaward [Les mer ] • Field development ![]() No single cause for Macondo accidentBP says no single factor caused the accident on the Deepwater Horizon rig in the US Gulf of Mexico in April. ![]() Valiant racks up profitNorth Sea operator Valiant Petroleum racked up US $64.5 m of revenue in the first half this year and pulled in higher pre-tax profits. [Les mer ] • Company news ![]() No infringements from HSE reportA report by the UK's Health and Safety Executive on Transocean's operations in the North Sea earlier this year cleared the company of regulatory safety infringements. ![]() Executive denies bullying on rigsA senior executive of drilling giant Transocean has told a UK government committee that there was no bullying taking place on its North Sea rigs. ![]() Suspension for Lambouka 1 gas findLondon-listed Gulfsands Petroleum says the Lambouka 1 well offshore Tunisia in the Mediterranean Sea has been suspended. [Les mer ] • Exploration |
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Publisher: Offshore Media Group, Box 1335 Vika 0112 Oslo Editor in chief: Helge Keilen. Online editor: John Bradbury. Telephone: +47 22 83 83 68 | +47 56 31 40 20 | +47 51 56 42 80 Tips: redaksjonen@offshore.no |
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