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<p>To support exploration activity, the Government has significantly cut tax rates
for the oil and gas sector and introduced the Investment and Cluster Area Allowances
to reduce the effective rate of tax paid by producers. Lower tax rates will encourage
exploration by improving the economics of new discoveries.</p><p> </p><p>Over the
last two years the Government has also funded a £40 million programme of seismic surveys.
This will boost offshore exploration in under-explored areas of the UK Continental
Shelf.</p>
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