Apache Halts Drilling In The UK North Sea

Apache Corporation is halting drilling in the UK North Sea, cutting jobs in Britain, after the latest change to the UK Energy Profits Levy, commonly referred to as the windfall tax. The U.S.-based corporation, which is one of the top ten producers of oil and gas in the UK North Sea, has said that the windfall tax and the challenging regulatory environment are making its UK operations less competitive. Apache has also confirmed the suspension of drilling activities will lead to job losses in its UK division. “We are reassessing our investments,…