Britain cuts taxes for North Sea oil producers

LONDON, March 16 (Reuters) - Britain's finance ministerGeorge Osborne said he would cut taxes for energy companiespumping oil from the country's North Sea fields, in a boost forthe indstry which is suffering from the impact of low crudeprices.

"I am today cutting in half the Supplementary Charge on oiland gas from 20 percent to 10 percent. And I'm effectivelyabolishing Petroleum Revenue Tax too," Osborne said in hisannual budget statement on Wednesday.

Shares in oil companies with fields in the North Seaincluding BP, Shell and Cairn Energy traded up on the news. (Reporting by Sarah Young; editing by Kate Holton)