25 Aug, 23

UK Oil And Gas Giant Cuts Investments And Defers Projects Over Windfall Tax

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Ithaca Energy, one of the largest oil and gas producers in the UK, has reduced investments and is deferring some projects this year and next, due to the burden of the windfall tax Britain has levied on the industry. The windfall tax, the so-called Energy Profits Levy, has prompted many companies operating offshore the UK to cut investments and review projects. After the UK raised the windfall tax to 35% at the end of last year, Harbour Energy, the biggest oil and gas producer in the UK North Sea, backed out of the latest licensing round…

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