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UK’s windfall tax may cut billions of dollars from oil and gas production financing in UK’s North Sea
Dec. 30, 2022
Source: World Oil

UK’s windfall tax may cut billions of dollars from oil and gas production financing in UK’s North Sea

Banks are set to trim billions of pounds in financing for oil and gas producers in the UK’s North Sea after a windfall tax was imposed on the industry to help pay for the country’s energy crisis, a trade group says. The oil and gas industry warns that the Energy Price Levy, which slaps a 35% rate on profits from North Sea producers, risks drying up investment in a sector that’s key to the country’s energy security even as it transitions away from fossil fuels to achieve climate goals.

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