‘People are walking away’: UK windfall tax hits North Sea oil investment

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Financial Times 11h ago

‘People are walking away’: UK windfall tax hits North Sea oil investment - Financial Times

Quick Summary:

The industry is already grappling with a big drop in production, which fell to 1.27mn barrels of oil equivalent per day last year from 4.33mn barrels in 1998, according to the North Sea Transition Authority.

The Labour government last month delivered on its pre-election pledge to lift the headline taxes on oil and gas companies by 3 percentage points to 78 per cent and extend the windfall tax by one year to 2030.

Executives have sounded the alarm over Labour’s plan to axe allowances that enable companies to offset investment spending against their tax bill, saying the move would exacerbate a decline in the industry’s share of private sector investment.