By Paul Homewood
From GB News ;
BRINDEX, which represents the firms, has written to Chancellor Jeremy Hunt to warn that their members face ruin
North Sea oil exploration firms have told the Treasury that they face going out of business due to the 75% windfall tax imposed on them in the Chancellor’s autumn statement.
GB News economics and business editor Liam Halligan revealed that BRINDEX, which represents the firms, has written to Chancellor Jeremy Hunt to warn that their members face ruin.
North Sea oil exploration firms have told the Treasury that they face going out of business due to the 75% windfall tax imposed on them in the Chancellor’s autumn statement. Andrew Milligan
“These aren’t the big oil majors like Shell and BP,” Liam revealed on GB News on Tuesday afternoon.
“These are the smaller British companies that work the North Sea for oil and gas and may in fact account for about 60 or 70% of the gas and oil that is extracted from the North Sea.
“They are hugely important, they go for the smaller wells that are more difficult, and for them their whole business is the North Sea, so this energy profits levy, which is coming to the House of Commons tomorrow for a second reading, is absolutely key.
“So they’ve written to the chancellor, and said that this latest tax rise to 75% poses an existential threat to the industry, and within that jobs and our nation’s energy security.”
Liam Halligan misses the point. The shut down of North Sea oil and gas has always been the goal of successive governments’ energy strategy.
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December 1, 2022 at 11:18AM
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