EnergyWatch

Media: New Maersk Oil owner could lose out on tax benefits

If Maersk sells its oil business, it could mark the end of special tax exemptions which have applied for the members of the Danish Underground Consortium (DUC) since 2013.

Although "most elements" in the 2013 North Sea deal between Denmark's government and the Danish Underground Consortium (DUC) can continue, some of Maersk's benefits could be lost, informs the Danish Minister for Energy, Utilities and Climate, Lars Chr. Lilleholt, in a political response to opposing Danish party The Red-Green Alliance (Enhedslisten), writes Danish media Information.

The North Sea deal means that the member companies of DUC (Shell, Chevron, and Maersk Oil) have the sole rights to oil and gas extraction in one area of the North Sea until 2024. But the agreement also guarantees that the companies are de facto insured against tax increases: They are guaranteed compensation if the government raises taxes.

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