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Stock impact report

Shell warns of ‘declining' North Sea after Miliband's tax raid [Yahoo! Finance]

Equinor ASA (EQNR) 
Last equinor asa earnings: 2/6 12:43 am Check Earnings Report
Company Research Source: Yahoo! Finance
The oil and gas giant plans to combine its offshore rigs in the North Sea with those of Norwegian rival Equinor , saying the move is necessary to share costs as output declines. The move, unveiled on Thursday, is linked to a sustained tax assault on the sector by successive governments as well as the natural decline in oil and gas output from UK waters and pressure by climate campaigners Shell has been forced to act after Ed Miliband, the Energy Secretary, said he will block exploration for new oil and gas fields. Rachel Reeves, the Chancellor, also recently increased the net tax on profits from oil and gas to 78pc while reducing tax breaks – making operations in the North Sea increasingly unappealing. Based in Aberdeen, the heart of the nation's energy sector, the new joint venture will be the North Sea's biggest company, with more than 140,000 barrels of oil per day expected to be pumped out next year. The deal, unveiled on Thursday, will combine Shell's interests in the Sh Show less Read more
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