The UK Government will remove the windfall tax on oil and gas companies, should the price of the commodities continue to fall.
Ministers said that they would slash the current 75% tax on North Sea oil and gas profits back to its regular 40% if prices reach certain levels.
They said they would take the move if the average price of oil fell to or below 71.40 dollars per barrel for two consecutive quarters, and the average price of gas fell to under 54p.
