Petroluem Resources Rent Tax 40% on off shore oil and gase profits , introduced in 1987. Yet 23 years later we have a robust massively profitable , oil and gas sector , with the major players continuing to invest billions , eg The Gorgon. Those screamed that this would kill the sector and drive it off shore , but it didn't. Because 60% of a multi-billions is still multi-billions.
The above article is scare mongering and the action of cape lambert and Rio are just scare tactics aim at reducing the tax.
They make way too much money here with or without this tax long term they ain't going now where.
I just hope the government has the political guts to go through with this.
