Norway set for PDO bonanza
Tax changes could see 20+ projects take FID
Norwegian continental shelf (NCS) operators are beginning to offer more clarity on their ambitious plans to fast-track discoveries to FID and submission of either new or revised plans for development and operation (PDOs) before a deadline of the end of 2022 to take advantage of temporary tax relief. The number is likely to be high, both on a project and production basis, but how high is still uncertain. In mid-2020, the Norwegian parliament approved changes to the country’s petroleum tax regime, providing accelerated recovery for investments and tax refunds for 2020 and 2021 spending. But the legislation also applies to new projects submitted for PDO before the end of 2022. And the incentive
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