Source Pravda.Ru

North Sea Oil Tax Change Will Cost 50,000 Jobs

BP, Royal Dutch Shell Group and other oil companies will pay eight billion pounds ($11.6 billion) in new taxes over the next eight years under UK tax levies that were announced last month, an industry group has said, the figure almost doubles BP's own estimate.

The increased cost threatens to cut investment in North Sea oil and gas by as much as twenty percent, risking fifty thousand jobs and accelerating a decline in output, the UK Offshore Operators' Association said. The CEO of BP John Browne told Parliament last month producers will likely pay 600 million pounds a year due to the extra tax.

“There will be projects that will be canceled,” said Nick Fairbrother, managing director of UK business for Amerada Hess, at a briefing for reporters. “There will be exploration wells that won't be drilled.”

Britain’s Prime Minister Tony Blair's April budget raised taxes on North Sea oil for the first time in twenty years. The move was a surprise to the oil industry, which had fought off earlier government moves to tap into its coffers.

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Representatives of the North Korean administration issued a statement saying that the United States and its allies have lost the "political and military confrontation" to the DPRK

North Korea declares victory over USA

In recent years, genetics has become a cutting-edge science, not only in the professional field of biology, but also because of the enormous social reach of its discoveries and approaches. Not in vain, practically every day the press offers us the discovery of a new gene, a new hereditary determinant directly involved in the manifestation of diseases or physical characteristics.

The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
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