New U.K. Tax Regime Is Hammering North Sea Oil And Gas Drilling [Forbes]
APA Corporation (APA)
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Source: Forbes
The mature hydrocarbon basin, which already had an onerous tax burden, saw things take another turn for the worse following a change of government in July. The country's Labour party and its Chancellor Rachel Reeves made sure North Sea operators felt their share of the highest tax hikes instituted by any British government in recent memory, as part of her now widely derided autumn budget delivered on October 30 It included an increase in the so-called windfall tax on North Sea oil and gas producers to 38% from 35% and an extension of the levy by one year to 2030. It brings the U.K.'s headline tax rate on oil and gas operations to 78%, among the highest in the world. The windfall tax duration was extended by a year to March 2030. The changes also included scrapping the levy's 29% investment allowance, which lets oil and gas companies offset tax from capital that is re-invested. It triggered widespread fears of a decline in investments and exits from the North Sea. The increase
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