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Shares in UK oil firms turn higher after Osborne's tax changes

Reuters - UK Focus

LONDON, March 16 (Reuters) - Shares (Berlin: DI6.BE - news) in British oil firms extended gains on Wednesday after the government announced changes to the tax system in the sector to provide relief for the industry in the face of a slump in crude oil prices.

UK finance minister George Osborne said he would effectively abolish the petroleum revenue tax, while reducing the rate of a "supplementary charge" on oil and gas producers.

Shares in Cairn Energy (LSE: CNE.L - news) , John Wood Group and Tullow Oil (LSE: TLW.L - news) extended gains after the measures were announced, and were up 2.7-3.6 percent. (Reporting by Alistair Smout; Editing by Sudip Kar-Gupta)