Legislation was introduced in 1996 to correct a defect in the rules for the recapture of scientific research allowances following the sale of an oil licence (Revenue press release 13 September 1995).

An interest in an oil field consists typically of a share in the relevant licence and in the kit used to extract and transport the oil or gas to a processing facility (platforms, pipelines, etc.). Oil companies regularly trade these interests as they review their activities in any given oil region.

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