UK Oil And Gas Industry Warns Windfall Tax Will Hurt Energy Security ...Middle East

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UK Oil And Gas Industry Warns Windfall Tax Will Hurt Energy Security
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The windfall tax on UK North Sea producers is hitting all companies operating on the UK Continental Shelf with firms already announcing lower investments and deferring drilling plans, the new head of trade body Offshore Energies UK (OEUK) has warned. Last autumn, the UK raised the windfall tax on the profits of oil and gas operators by 10 percentage points to 35% from January 1, 2023. The UK also extended the so-called Energy Profits Levy to the end of March 2028, from December 31, 2025, as originally planned when the levy was 25%. The…

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