North Sea gas industry ‘under threat from higher taxes and falling prices’

High taxes and falling prices will force the UK’s
Simpson revealed that Tullow planned to cancel a production programme in one of its North Sea fields because it had become uneconomic.

He said: “There is going to be a crunch in the gas business soon. The door will shut quite dramatically. It has already started – companies are pulling rigs out of the market.”

He also warned that failure to ease the tax burden on gas could lead to hundreds of millions of pounds worth of the fuel being left below the North Sea.

Scotsman