Several independent North Sea producers saw their share prices drop after the chancellor’s windfall tax announcement - lending credence to claims they are harder hit than oil majors by the policy.
Electricity generators and North Sea oil firms are to be hit by a £54bn windfall tax under plans unveiled today, which the industry said “threatens to drive investment out of the UK altogether”.
With an expected surge in the windfall tax in today's Autumn Budget, North Sea industry executives have set out their key asks for chancellor Jeremy Hunt.
The UK Government is mulling an increase to the North Sea windfall tax to 35%, Energy Voice understands, in a move which executives said threatens billions of pounds of investment.
A North Sea firm has asked Jeremy Hunt to provide a “small fields allowance” in the windfall tax, reinstating legislation from George Osborne’s era in the Treasury.
