North Sea Oil Producer Slams the UK's Windfall Tax

North Sea Oil Producer Slams the UK's Windfall Tax

The boss of Enquest has slammed the windfall tax on oil and gas firms as doing “irreversible damage” to the industry and “driving job losses across the sector”. Amjad Bseisu, Enquest’s chief executive, called for the North Sea tax to be scrapped in an operations update on Tuesday after claiming it makes the UK a less attractive place to invest. The UK Energy Profits Levy (EPL) was introduced in May 2022 and applies to oil and gas companies opera…

North Sea Oil Producer Slams The UK's Windfall Tax

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North Sea Oil Producer Slams The UK's Windfall Tax - Nemos News Network

Via OilPrice.com, The chief executive of Enquest criticizes the UK’s Energy Profits Levy, claiming it is doing “irreversible damage” to the oil and gas industry and discouraging investment. Due to the heavy tax burden, the company is planning a “disciplined approach” to investment and expects to pay a significant amount in windfall tax in June 2025. Enquest argues that the UK is the only country levying a windfall tax on its domestic energy p…

North Sea windfall tax causing 'irreversible damage' says oil giant

The boss of Enquest has slammed the windfall tax on oil and gas firms as doing “irreversible damage” to the industry and “driving job losses across the sector”. Amjad Bseisu, Enquest’s chief executive, called for the North Sea tax to be scrapped in an operations update on Tuesday after claiming it makes the UK a less attractive place to invest. The UK Energy Profits Levy (EPL) was introduced in May 2022 and applies to oil and gas companies opera…