Norway recommends changes in petroleum tax to relieve LNG projects
Norway's government gave its recommendation for changes in the country's petroleum tax laws that would result in tax
breaks for LNG projects. The tax changes are being introduced specifically for the development of gas fields, which
require the building of large-scale cooling facilities.
The changes mean that companies with projects that fall under this plan will be able to make larger annual tax
deductions over a shorter period of time.
Costs for purchasing production facility material and pipelines may be depreciated over a three-year period if a
facility's gas is to be cooled to liquid form. Gains and losses will also be subject to three-year depreciation.
Currently, the depreciation period is six years.
The changes are to be voted on in parliament, where a majority is expected to vote in favour.
