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Faroe Petrol Share News (FPM)
Share News for Faroe Petrol (FPM)
| Share Price: 112.00 | Bid: 112.50 | Ask: 113.50 | Change: -3.50 (-3.03%) |  | ||||||
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Oil explorers rise on UK budget tax breaks
Wed, 21st Mar 2012 14:11
LONDON, March 21 (Reuters) - Shares in oil companies with operations West of the Shetland Isla
Faroe Petroleum shares rose 7 percent after British finance minister George Osborne said proposed 'a 3 billion pounds new field allowance for large and deep fields to open up West of Shetland'. Shares in Valiant Petroleum added 2 percent.
While the shares of minnows have reacted most, larger players like BP Plc and France's Total, with bigger projects, could benefit most from any reduction in tax in the area.
Osborne also said he planned other field allowances, and RBC analyst James Hosie said this could benefit North Sea players with undeveloped discoveries that qualify.
(Reporting by Tom Bergin and Sarah Young; Editing by Hans-Juergen Peters) Keywords: BRITAIN OIL
(tom.bergin@thomsonreuters.com)(+44 207 542 1029)(Reuters Messaging: tom.bergin.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
LONDON, March 21 (Reuters) - Shares in oil companies with operations West of the Shetland Isla
nds, which is at the frontier of British oil exploration, rose on Wednesday after the government announced plans to offer tax breaks for the region.
Faroe Petroleum shares rose 7 percent after British finance minister George Osborne said proposed 'a 3 billion pounds new field allowance for large and deep fields to open up West of Shetland'. Shares in Valiant Petroleum added 2 percent.
While the shares of minnows have reacted most, larger players like BP Plc and France's Total, with bigger projects, could benefit most from any reduction in tax in the area.
Osborne also said he planned other field allowances, and RBC analyst James Hosie said this could benefit North Sea players with undeveloped discoveries that qualify.
(Reporting by Tom Bergin and Sarah Young; Editing by Hans-Juergen Peters) Keywords: BRITAIN OIL
(tom.bergin@thomsonreuters.com)(+44 207 542 1029)(Reuters Messaging: tom.bergin.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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