Ineos Energy chief warns ‘punitive’ UK taxes make North Sea uninvestable

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Financial Times 11h ago

Ineos Energy chief warns ‘punitive’ UK taxes make North Sea uninvestable - Financial Times

Quick Summary:

Kosmos Energy, a New York-listed independent oil explorer, this week said it would not proceed with a proposed deal to buy Tullow, the West Africa-focused UK producer.

US-based Apache last month announced plans to wind up its North Sea operations by 2029, blaming the UK tax regime.

The market value of the UK’s top 25 independent oil and gas companies has fallen from £27.8bn in 2011, when oil prices averaged $110 a barrel, to £9.8bn at the end of last year, when oil prices averaged $80 a barrel, according to Deloitte, as the sector steadily lost its appeal to UK investors.