Top UK North Sea Oil Firm Sees Rising Windfall Tax Hitting Investments ...Middle East

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Top UK North Sea Oil Firm Sees Rising Windfall Tax Hitting Investments
source : OILPRICE ( Middle East ) () 34
The UK government’s plan to further raise the windfall tax on North Sea oil and gas producers will drive investments away from the region while Britain still needs oil and gas for the foreseeable future, the chief executive of Harbour Energy, the largest UKCS producer, told the Financial Times. The Labour Party, which came to power in the UK after a landslide victory in the July general election, said in July that it intends to raise the rate of the Energy Profits Levy (EPL) to 38% from 1 November 2024, from 35% now, bringing the headline…

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