Oil and gas industry executives will seek clarity on three key points from Chancellor Rishi Sunak in a high-level meeting about the windfall tax in Aberdeen on Thursday.
Kwasi Kwarteng has paid a visit to a major Shell conference hailing the firm’s UK spending plans, two weeks after the government announced a windfall tax on the industry.
The head of the newly merged Woodside Energy Group said the UK government’s windfall tax is a “red flag” that suggests potential investments in the North Sea carry more risk.
Serica Energy has pressed the importance of stable fiscal policy after news of the UK Government’s windfall tax knocked around 20% off the company’s share price.
Yesterday's announcement by Sunak was far from destructive for the North Sea oil & gas industry given the generous projects investment tax relief, but it fails, as it turns out, in at least one critical way.