Harbour Energy Sounds Alarm: More Windfall Taxes Could Chill Big Oil Plans
Harbour Energy, a leading independent oil and gas outfit, has warned the UK government that tightening windfall taxes could make future investment look like a bad idea altogether. The company calls on the Treasury to think twice before piling on more levies.
What’s the back‑story?
- On 17 November, Chancellor Jeremy Hunt is set to release the autumn statement, hunting for ways to fill a £50 billion shortfall in public finances.
- The new UK Energy Profits Levy (EPL) and chatter about further changes are already creating a fog of uncertainty for firms like Harbours.
- Captain Linda Z Cook, Harbour’s CEO, says it’s getting harder to assess future returns on long‑term projects, pushing investors to look for greener pastures.
Why is this a big deal?
- Oil and gas producers are being asked to invest more than ever to keep Britain’s energy grid humming.
- They’re also eyeing carbon capture and storage (CCS) projects—powerful but costly.
- Adding taxes on top of that “could risk undermining our ability to do either,” according to Linda.
Key Takeaway
Harbour urges the government. It wants the Treasury to weigh the long‑term consequences of any up‑ramp or extension to the EPL before it starts cramping the sector’s investment belly.
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