U.S. Apache to Exit UK North Sea Due To Windfall Tax

U.S. oil producer Apache plans to cease oil production at its assets in the UK North Sea by 2030, due to the windfall tax on operators. Apache’s parent company APA Corporation said in an SEC filing that its assessment of the impact of the windfall tax, officially known as the Energy Profits Levy (EPL), resulted in findings that continued production in the UK North Sea would be uneconomical.     The Labour’s Autumn Statement confirmed last week that the windfall tax on UK North Sea operators is rising to 38% from…