RE: Norway It Is!18 Aug 2024 13:45
David Latin, the company’s chairman, said the UK was the worst place in the world to operate as a drilling business after successive raids by politicians pushed taxes on oil and gas profits from 40pc to 78pc in three years.
With her first Budget looming, Rachel Reeves, the Chancellor, backed by Ed Miliband, the Energy Secretary, is threatening to raise taxes even higher.
It means Serica is cutting its losses and casting its eyes northwards to Norway.
“The UK is now fiscally more unstable than almost anywhere else on the planet,” said Mr Latin.
“That means we are looking for new places to invest our money. And Norway is a place where potentially we could recreate our business model.”
Serica’s approach has proved one of the most successful in the North Sea. Put simply, it buys up older and apparently declining oil and gas fields from the biggest players such as BP and then breathes new life into them.