Ineos Energy Warns UK Windfall Tax Makes North Sea Investment Impossible

The UK windfall tax on North Sea oil and gas operators has made economics in the basin impossible for companies to invest, according to Brian Gilvary, the chairman of Ineos Energy. “In our initial strategy we wanted to expand in the UK, particularly gas. And what has happened is that the tax regime makes that impossible,” Gilvary told the Financial Times, commenting on the prospects of the oil and gas arm that UK-based chemicals group Ineos created four years ago. The UK windfall tax, which was initially introduced by the previous Conservative…