The Rising Influence of Rising Affluence

[DewDiligence]

COP Scraps UK Deal Because of New Tax

[Did someone here say something about resource nationalism? (That’s facetious.)]

http://www.bloomberg.com/news/2011-03-27/conocophillips-scraps-north-sea-field-sale-on-tax-times-says.html

›By John Glover - Mar 27, 2011 4:32 AM ET

ConocoPhillips (COP), the third-largest U.S. oil company, ended a $1 billion auction of North Sea fields after the U.K. raised the tax it imposes on profit, the Sunday Times said, without disclosing how it got the information.

Chancellor George Osborne raised the share of profit the government takes from North Sea oil operations to 62 percent from 50 percent, making several planned transactions uneconomic, the newspaper said.‹