Despite a drastic shortage of energy in Europe, oil and gas firms are reluctant to invest in oil and gas operations in the North Sea.
- Jul 19, 2022, 3:00 PM CDT
For some companies, it is the windfall tax that oil and gas companies face in the region that make the extraction of oil and gas from the North Sea unattractive.Major oil firms are turning their backs on North Sea oil for various reasons. Environmental organizations have been putting increasing pressure on the U.K. government to curb oil activities in the North Sea, particularly following the COP26 climate summit last year. And now the U.K.
The blasé nature of the tweet shocked environmentalists, hundreds of whom took to the streets in protest of the development within 24 hours of the announcement. Activists blocked government offices in Glasgow and threw red paint to represent blood. The rapid organization of the response to the tweet demonstrated the vast opposition to the expansion of oil and gas activities in the North Sea.
But several oil and gas firms see the scheme as “seriously flawed”. The CEO of Harbour Energy, Linda Cook, addressed Sunak in a letter in which she asked him to revise the energy profits levy proposal. Cook, “While I appreciate the scale of the cost of living crisis in the UK, the EPL as currently proposed is, in effect, retrospective and disproportionately impacts the independent oil and gas companies which have recently invested the most to help ensure UK domestic energy supply.
Danmark Seneste Nyt, Danmark Overskrifter
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