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BUZZ-North Sea oil: likely UK budget winners

Reuters - UK Focus

** Wednesday's budget gives govt chance to react with bold tax changes as oil rout adds to existing concerns about Britain's North Sea oilfields

** North Sea boon for UK since started the 1970s but oil cos now grappling with rising costs amid ageing & largely exploited fields & elevated taxes; many big cos have cut investment in favour of more profitable opportunities elsewhere

** Finance Minister George Osborne signaled tax relief for industry in Weds budget, but no details

** Analysts weighing scenario of cut to supplementary charge (SC) on oil producers' profits to pre-2011 budget level of 20 pct vs 30 pct now

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** Peel Hunt identifies following UK-listed E&Ps as SC-cut beneficiaries: Faroe Petroleum (LSE: FPM.L - news) , Tullow Oil (LSE: TLW.L - news) , EnQuest (LSE: ENQ.L - news) , Cairn Energy (LSE: CNE.L - news) , Premier Oil (LSE: PMO.L - news) , Parkmead Group, Hurricane Energy (LSE: HUR.L - news) & Xcite Energy

** FTSE 350 Oil & Gas index best day in over a mth Tues on prospect of budget tax break, despite continuing oil slide, up c.1 pct Weds (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)