FT Article3 Nov 2022 14:00
Exert below:
Harbour Energy, the biggest oil and gas producer in the UK North Sea, has warned the government that it may be forced to reconsider investments in the country if the windfall tax on profits is increased.
Linda Cook, chief executive at the private equity-backed producer that has bought a substantial number of fields in the North Sea over the past five years, cautioned that investors were pushing the company to diversify into other geographies because of the so-called energy profits levy.
“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,” Cook said in a trading update on Thursday.