Forbes/AFX News Limited: Shell says will continue to invest heavily in North Sea despite tax hike: Monday 19 December 2005
LONDON (AFX) - Royal Dutch Shell PLC said it continues to invest heavily in the North Sea despite its disappointment over the tax increase announced by Chancellor Gordon Brown in his pre-budget report.
'We remain committed to the UK sector of the North Sea and are continuing to invest significantly in the development of our interests here,' the company said in a statement.
Shell however expressed disappointment over the government's decision to double the corporation tax for North Sea producers to 20 pct starting Jan 1.
'We are disappointed by the government's recent decision and are continuing to evaluate the impact that these proposals might have on our business,' it said.
Shell has just awarded to TransOcean Offshore (North Sea) Ltd contracts for rigs JW Mcleon and Sedco 711 that will be used to further its drilling work in the North Sea.
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