Major oil firms are turning their backs on North Sea oil for various reasons. Environmental organizations have been putting increasing pressure on the U.K. government to curb oil activities in the North Sea, particularly following the COP26 climate summit last year. And now the U.K.’s Windfall tax is discouraging oil companies from investing in operations in the region. Meanwhile, there is still plenty of optimism around oil and gas discoveries, demonstrating the potential for the continuation of lucrative oil activities in the North Sea.…
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