Axe oil and gas windfall tax before 2030, urges task force

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Financial Times 2d ago

Axe oil and gas windfall tax before 2030, urges task force - Financial Times

Quick Summary:

The report cited Apache’s decision to quit UK offshore operations, the merger of Shell and Equinor operations in the North Sea and job cuts at BP.

He said existing fields in the North Sea could yield “hundreds of billions of value”.“Put bluntly, if the choice is more expensive imports from despotic regimes like Russia or new oil and gas [from the North Sea], then the answer must be oil and gas,” he said.

The task force also recommended a minister-led committee to manage the transition from oil and gas to commercially viable renewable energy.