Windfall tax on North Sea operators ‘would exacerbate’ energy crisis

There are fears a windfall tax on the profits of oil and gas companies would deal a further blow to “investor confidence” in the UK North Sea.

Jenny Stanning, Oil and Gas UK’s (OGUK) external relations director, also warned that it could cut the amount of money companies are able to spend on decarbonising their operations.

Following the recent surge in gas prices and the upcoming rise in energy bills, fresh calls have been made for Westminster to tap into the profits of North Sea firms.

Green energy innovator Dale Vince recently claimed that oil and gas companies have made a “killing” off the back of the price spike.

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