Reported 2 months ago
North Sea oil and gas producers have condemned the UK's increased windfall tax, which raises the Energy Profits Levy to 38%, claiming it threatens their industry and investment. The levy is intended to boost funds for renewable energy but could lead to a significant decline in oil and gas revenues, accelerate the basin's decline, and increase reliance on imported energy. Executives warn that the changes will result in reduced investments and a rapid drop in production, undermining both energy security and net-zero goals.
Source: YAHOO