North Sea projects scrapped?

The fufillment of a windfall tax on oil and gas firms’ profits has reportedly made some reexamine their new fossil fuel projects in the North Sea.

The Telegraph has announced that the Norwegian energy company Equinor is reviewing its plan to drill for oil and gas in the North Sea, in the Rosebank field near the Shetland Islands.

Reports insist that Equinor wanted the government to amend the terms of the Energy Profits Levy before the project goes ahead.

The Chancellor announced, last month, a temporary windfall tax of 25% on the excess profits of oil and gas companies.

An Equinor representative said that the company backs up the Offshore Energies UK’s position on the Energy Profits Levy and has no further comments.

The representative further said: “As for Rosebank, we are engaging with suppliers & working with our partners and stakeholders to ensure we progress and deliver the Rosebank project to strengthen UK energy security, create local value through highly skilled jobs and enable the UK to reach net zero targets in line with the North Sea Transition Deal.”

“The Energy Profits Levy will raise £5 billion from the extraordinary profits oil & gas companies are seeing to help pay for support for millions of the most vulnerable households across the UK.

“The levy’s investment allowance means businesses will overall get a 91p tax saving for every £1 they invest.” stated a HM Treasury representative.

North Sea projects scrapped?

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