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From the editor: UK North Sea industry faces existential crisis [Global Gas Perspectives]

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From the editor: UK North Sea industry faces existential crisis [Global Gas Perspectives]

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Natural Gas News

Summary

Further tax hikes and emboldened environmental challenges are set to trigger a rapid decline in UK North Sea oil and gas production. by: NGW

In the wake of the Labour party’s landslide victory at the UK general election in early July, the country’s already struggling oil and gas industry faces “irreversible damage,” from the new government’s planned tax policies, Edinburgh-based consultancy Wood Mackenzie warned in a report this month. The UK was among a number of countries to impose a windfall tax on the profits of oil and gas producers at the height of the global energy crisis in 2022, taking a larger chunk of their then record earnings to fund subsidies to lower energy costs for businesses and households. But it stands out this year ...

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