Oil Majors Warn UK’s Windfall Tax Will Hurt North Sea Investment

Representatives of some of the biggest oil and gas companies operating in the North Sea on Thursday warned the UK’s Chancellor of the Exchequer Rishi Sunak that the new windfall tax on energy profits would undermine the government’s efforts to attract investment, industry body Offshore Energies UK said. Oil companies operating in the North Sea, including Shell, BP, and Equinor, warned the Chancellor of the Exchequer during a meeting today that a windfall tax could slow investments in new oil and gas production in the basin, Reuters…