Speaking before the Budget, Mr Bell said Mr Osborne must reduce overheads if he wanted small firms to grow.

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The big players want more deregulation, to reduce overheads and increase volumes.

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Eliminating some of the overheads won't reduce the supply or the demand for oil, but will reduce the overall cost of getting it to market.

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The council said its focus was to "reduce waste, duplication and bureaucracy, as well as cutting management overheads".

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Burns said the company will be looking to reduce their operating expenditures, cutting their green fields explorations programs and reducing their overheads.

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