North Sea Oil Investments in Peril Due to Increased Windfall Tax
Industry warns that higher taxes and regulatory uncertainties threaten economic growth and thousands of jobs.
- Offshore Energies UK predicts a £13bn economic loss and 35,000 job cuts by 2029.
- NEO Energy has halted plans for the Buchan Horst project, delaying production beyond 2027.
- The Labour government's tax hike raises the total tax rate on oil and gas profits to 78%.
- Environmental guidelines and legal challenges add further uncertainty to North Sea projects.
- Treasury aims for a 'constructive dialogue' to balance economic and environmental goals.
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