Windfall Tax To Cost UK-Focused Oil Firms More Than $3 Billion

The new windfall tax on profits of oil and gas companies in the UK is expected to cost the medium-sized North Sea-focused companies a total of $3.3 billion through 2025, according to investment bank Jefferies. Following months of rumors and indecision, the UK government announced last week a 25% Energy Profits Levy, commonly referred to as a “windfall tax”, as part of a package to ease the cost-of-living crisis stemming from huge rises in household energy bills. The move has long been opposed by the industry, which argued that a windfall…