The Treasury has proposed a move to a flat-rate royalty of 5% on gross sales for upstream oil and gas companies to replace the current variable rate, saying this would provide a more stable and guaranteed source of upfront revenue.

The proposal is contained in a discussion document released this week for public comment...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now