Dec 18, 2019
Royal Dutch Shell: oil dump
In 2018, Royal Dutch Shell paid no UK corporation taxes. The business, which is the world's second-largest oil producer by revenues, got a tax refund for decommissioning North Sea oil platforms. Oil majors have been selling swaths of North Sea operations to small, private equity style operators. The bill for closing North Sea oilfields may be as much as £60bn. The National Audit Office thinks decommissioning could cost British taxpayers at least £24bn. It is still early days for North Sea decommissioning. Fret, instead, over who may end up paying for any cost overruns on North Sea oil decommissioning.
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