North Sea Oil Producers Push Burnham to Scrap Windfall Tax
Since coming into office, the Labour Party has heavily taxed oil and gas companies operating in the U.K. North Sea and restricted the development of new fossil fuel projects. However, there is still potential for two major projects to be developed if approved by the country’s new Prime Minister, Andy Burnham. While environmentalists and climate groups are deeply concerned about the harm new…
The North Sea oil producers are urging the new Prime Minister, Andy Burnham, to scrap the windfall tax and support the development of new fossil fuel projects. Despite environmentalists' concerns, oil executives believe that new exploration could significantly contribute to the economy. A recent industry report suggests that the UK could meet around half of its oil and gas needs without imports if the government provided more support to the sector.
However, Uplift, an environmental organisation, warns that the North Sea is an ultra-mature basin with very little reserves left, and new drilling would do little for energy security.
Brief written by urgent.news from OilPrice's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
