RE: Peers4 Nov 2022 09:52
epiphany121 What is laughable is who would step in to start E&P in U.K. water's it would end up uninvestable . If the U.k Government can not support the largest independent oil and gas business what will that show to the world, we are fast becoming a joke .
However, the recently enacted UK Energy Profits Levy (EPL) and speculation about further fiscal changes have created uncertainty for independent oil and gas companies like Harbour. As a result, evaluating expected returns from long term investments has become more difficult and investors are advocating for geographic diversification.
While we fully recognise the significant challenge in the UK to put public finances on a sustainable footing, we urge the government to carefully consider the consequences of any increase in or extension of the EPL. At a time when oil and gas producers are being asked to invest more to help ensure the UK's energy security and are considering longer term, material investments in CCS, additional taxes would run the risk of undermining our ability to do either."