THE Energy Chamber is pleased with fiscal measures in the 2022/2023 budget relating to the energy sector.
In a statement, the chamber said, "The reductions in the Supplemental Petroleum Tax (SPT) rates for new wells in marine fields and the extension and expansion of the changes introduced in 2020 for small onshore producers are welcomed and will help the economics of new investments in oil projects."
The chamber had been calling for this change for over a decade.
"This change represents the first major adjustment for offshore oil producers. The changes will also help create greater investor interest in the ongoing onshore bid round."
The chamber welcomed Finance Minister Colm Imbert's commitment to meet with the oil and gas industry over the next three months to review further potential reforms to the fiscal regime.
The chamber also thanked Imbert for collaborating with it in making the changes he announced in his budget presentation on Monday.