UK Oil Boss: Fighting Windfall Tax Led To Missed Opportunities ...Middle East

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UK Oil Boss: Fighting Windfall Tax Led To Missed Opportunities
source : OILPRICE ( Middle East ) () 13
The UK’s oil and gas industry should have taken the chance to invest in new projects instead of fighting the windfall tax, the boss of a North Sea oil and gas producer has said. Steve Brown, chief executive of Orcadian Energy, told City A.M. that the Energy Profits Levy (EPL) created a “big incentive to invest” with the 91 percent tax relief for fossil fuel producers prepared to develop new projects in the North Sea. This includes Orcadian’s proposed Pilot development in the central North Sea, which is projected to produce…

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