UK Oil Industry Threatens Investment Reconsideration

Some UK oil producers have suggested that the windfall tax announced yesterday by Chancellor Rishi Sunak could lead to a review of their investment plans for the North Sea. The Financial Times reports that the industry had expected a one-off hit from the tax but instead had been surprised with the Exchequer’s plans to keep the levy in place until 2025. In addition, it would bypass certain tax relief measures in place currently. The latter part will also affect the investment plans of oil companies, according to industry experts. “Naturally…