{"id":1190645,"date":"2023-03-11T06:10:05","date_gmt":"2023-03-11T11:10:05","guid":{"rendered":"https:\/\/bugaluu.com\/news\/windfall-tax-leads-to-job-losses-at-uks-largest-oil-gas-producer\/1190645\/"},"modified":"2023-03-11T06:10:05","modified_gmt":"2023-03-11T11:10:05","slug":"windfall-tax-leads-to-job-losses-at-uks-largest-oil-gas-producer","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/windfall-tax-leads-to-job-losses-at-uks-largest-oil-gas-producer\/1190645\/","title":{"rendered":"Windfall Tax Leads To Job Losses At UK’s Largest Oil & Gas Producer"},"content":{"rendered":"
\"\"<\/a><\/div>\n

Windfall Tax Leads To Job Losses At UK’s Largest Oil & Gas Producer<\/span><\/p>\n

\n

Authored by Julianne Geiger via OilPrice.com,<\/em><\/a><\/p>\n

The UK\u2019s largest oil and gas producer, Harbour Energy, is cutting investments and jobs after the new windfall tax on the industry sapped nearly all of its 2022 profits.<\/strong><\/p>\n<\/p>\n

Harbour Energy\u2019s profits last year were $2.5 billion, pre-tax, but after taxes, the company was left with just an $8 million profit<\/strong> – that\u2019s after the $1.5 billion that needed to go towards the Energy Profits Levy.<\/p>\n

Harbour Energy has not divulged how many workers will lose their jobs.<\/p>\n

Harbour Energy said it has cut back on investments, too,<\/strong> with Harbour choosing not to move forward on two drill sites and declining to participate in the North Sea offshore licensing round.<\/p>\n

The windfall tax has hit UK North Sea producers, many which have already announced reduced investments <\/strong>on the UK Continental Shelf, the new head of trade body Offshore Energies UK said last month.<\/p>\n

The UK raised the windfall tax on oil and gas operators\u2019 profits last autumn by 10 percentage points, to 35 percent.<\/p>\n

The increased rate for the Energy Profits Levy went into effect on January 1 of this year. It was also extended into March 2028, from December 2025.<\/strong><\/p>\n

The additional levies increased the total tax rate on oil and gas companies to 75 percent – the highest of any industry in the UK.<\/p>\n

Shell has said it is reevaluating all of its UK projects which make up $30 billion of investments, <\/strong>and TotalEnergies has also said it would cut investments in the UK by 25 percent.<\/p>\n

Oil and gas companies saw a substantial increase in profits last year thanks to higher oil and gas prices amid geopolitical turmoil and tight markets.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSat, 03\/11\/2023 – 09:20<\/span><\/p>\n

From:Zerohedge<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Windfall Tax Leads To Job Losses At UK’s Largest Oil & Gas Producer Authored by Julianne Geiger via OilPrice.com, The UK\u2019s largest oil and gas…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1190645","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1190645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1190645"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1190645\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1190645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1190645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1190645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}