North Sea oil and gas firms merge and expand overseas due to UK's windfall tax and Labour Party's threat of further taxation, risking domestic production decline and job losses.
North Sea oil and gas firms, including independents like Harbour Energy, Ithaca Energy, and Serica Energy, are merging and expanding overseas due to UK's windfall tax squeezing profits and Labour Party's threat of further taxation. This shift could accelerate domestic production decline, increase dependency on imports, raise consumer prices, and cause job losses. Oil majors like Shell, Chevron, and Exxon Mobil have previously pulled back from the ageing basin.
May 20, 2024
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