Oil firm blames windfall tax for North Sea pull-outApache Apache said changes to windfall tax make production in the North Sea "uneconomic"A US oil firm has said it will end all its operations in the North Sea by the end of 2029, blaming the impact of the windfall tax. Apache said recent confirmation in the Budget that the windfall tax on oil and gas firm profits would rise and be extended to 2030 had made production uneconomic. The Texas-based firm took control of the Forties field, east of Fraserburgh, in 2003 but suspended all new drilling activity last year. The Energy Profits Levy (EPL) - the official name for the windfall tax - is a levy on profits made from extracting UK oil and gas. It was introduced in May 2022 after energy firms recorded bumper profits due to the rise in energy prices.

Source: The North Africa Journal November 08, 2024 10:38 UTC