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Two oil firms pull out of North Sea
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October 25th, 2013
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Anger over the government’s decision to change taxation rules has led Bayerngas, a German oil drilling company, to abandon a 337 million kroner investment in the North Sea.
EWE, another German company, has also announced it was giving up its licence to explore for oil together with Bayerngas and Wintershall, a third German firm, in an area expected to contain 100 million barrels of oil.
EWE said its decision was part of a general plan to reduce its oil drilling activities.
The tax minister, Holger Nielsen, said he fully expected two other oil firms to take over the vacancies.
Erhverv & Økonomi
SEE RELATED: Bayerngas threatens to end North Sea oil investments
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