Reuters
Windfall taxes mean oil and gas producers in the British North Sea will likely leave 500 million barrels of oil equivalent in the ground over the next decade, the equivalent of one year's output in the ageing basin, industry group OEUK said on Tuesday. Over the past year, Britain has introduced windfall taxes on oil and gas as well as on renewables, which companies say stifles investment and in turn will likely increase Britain's dependence on imported fuels and derail its climate targets. In the oil and gas sector, the taxes are likely to result in reduced investment of between 3 billion to 5 billion pounds ($3.67 billion to $6.12 billion) over the next decade or so, Offshore Energies UK (OEUK) market intelligence manager Ross Dornan told reporters.