The UK’s largest oil and gas producer put the blame for its decision at the hands of the government, which has hiked the Energy Profits Levy to 35 percent. On top of the 40 percent special rate for corporation tax, this brings overall levies on producers to 75 percent. It is now expected to run until 2028 – a further three years on original plans. The company has been undertaking a review of its operations since January, after warning that it was re-assessing its future activity in the UK. It later confirmed plans to cut jobs…
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