North Sea Oil Investment Needs More Than Just Windfall Tax Relief

The government needs to do more than ease the windfall tax to reassure troubled North Sea oil and gas companies over the UK’s investment climate and protect future production, warned Offshore Energies UK (OEUK). The industry body’s chief executive David Whitehouse welcomed the Treasury’s decision to introduce a price floor into the Energy Profits Levy, and said it was only fair that “when the windfall conditions go, the windfall tax should go.” However, he believed this had to be the starting point for improving investment…