Particle.news
Download on the App Store
5 ARTICLES
·
last wk.

Harbour Energy to Cut 250 Jobs, Citing UK Windfall Tax and Carbon Capture Delays

The North Sea's largest oil and gas producer blames a 'punitive' 78% tax and regulatory hurdles for job losses and investment reviews in key CCS projects.

Up to a quarter of Harbour Energy’s North Sea workforce could be made redundant — the Aberdeen & Grampian Chamber of Commerce said it was a “devastating blow” for the area
Image

Overview

  • Harbour Energy will reduce its Aberdeen-based onshore workforce by 250 roles, representing 25% of its North Sea workforce.
  • The company attributes the cuts to reduced investment caused by the UK’s 78% windfall tax and regulatory challenges.
  • Harbour Energy is reassessing its involvement in the Viking and Acorn carbon capture projects due to delays in government approvals under the Track 2 process.
  • In 2024, Harbour Energy reported a $1.2 billion pre-tax profit, but a $1.3 billion tax bill turned this into a $93 million after-tax loss.
  • The job cuts highlight broader tensions between the UK’s energy security, net-zero goals, and the impact of fiscal policies on domestic production.