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Analysis

Offshore profits and the issue of tax havens

Some North Sea oil and gas operators, including China’s CNOOC and Chevron UK, have been accused of using offshore tax havens to protect their profits from the British Treasury. Chevron has denied the findings of a report by the ITF union alleging the company had $32bn in offshore accounts, while Oil & Gas UK CEO Deirdre Michie has responded saying that the industry is “a major tax contributor to the UK” even in a low oil price environment. Does the industry need to change its financial arrangements, or are the allegations unfair?

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