Equinor Warns Windfall Tax May Discourage Its UK Investments

Equinor awaits clarity on the UK tax regime by the Labour government before strategizing and committing to investments in the UK North Sea, a senior executive at the Norwegian company told Reuters on Wednesday. The Labour Party has pledged to further raise the already high windfall tax on oil and gas profits in the North Sea and scrap tax relief for operators for part of the investments in oil and gas assets they have made. “We need to look at our appetite to invest further in the UK based on the fiscal regime ... it could be that the economics…