(Sharecast News) - Oil and gas company Harbour Energy confirmed on Wednesday that it is reviewing its organisation in the UK following a hike in the windfall tax last year.
Amid media reports the company is looking to cut hundreds of jobs, a harbour spokesperson told Sharecast: "Following changes to the EPL (Energy Profits Levy), we have had to reassess our future activity levels in the UK.
"We will continue to support investment on the many attractive opportunities within our existing portfolio, but we are scaling back investment in other areas such as new exploration licensing. As such, we have initiated a review of our UK organisation to align with lower future activity levels."
Harbour is the largest independent oil and gas company in the UK, and employs around 1,700 people worldwide.
Last year, the UK government hiked the EPL on oil and gas companies to 35% from 25%, taking the total taxes on the sector to 75% - one of the highest in the world.
Harbour Energy (HBR)