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Harbour Energy To Reconsider Investments With Windfall Tax Rise

OIL

In response to earlier reports of an extended UK windfall tax on energy firms by the Times, Harbour Energy has warned the government that it may be forced to reconsider domestic investments if the government targets such measures.

  • “While we fully recognise the significant challenge in the UK to put public finances on a sustainable footing, we urge the government to carefully consider the consequences of any increases in, or extension of, the EPL,” CEO of Harbour Energy Linda Cook said in a trading update.
  • “At a time when oil and gas producers are being asked to invest more to help ensure the UK’s energy security and are considering long-term, material investments in carbon capture and storage, additional taxes would run the risk of undermining our ability to do either”, she added.
  • Harbour Energy’s revenues in the first nine months of this year were lower compared with competitors, amid its hedging strategy. The producer received $80/bbl, compared with a market price of $105/bbl.
    • Energy BulletsCommodities
    Energy BulletsCommodities

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