UKCS firms look at investment allowance options
Producers eye spending to offset windfall tax hit
AIM-listed independent Kistos is “assessing opportunities in the UK that would enable us to take full advantage of the investment allowances implicit in the recently introduced Energy Profits Levy (EPL)”, according to the firm’s CEO, Andrew Austin. Other companies are also investigating upping planned spend to set against their windfall tax bills. UK-listed Serica Energy is “evaluating additional candidate projects designed to increase the productivity of the Bruce hub” above its previous capex programme. Based on its current understanding of the EPL, the firm expects its planned c.£60mn 2022 light well intervention campaign at the Bruce Keith Rhum complex and its North Eigg exploration well
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