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TotalEnergies To Cut UK Investment By 25% After Windfall Tax

OIL

TotalEnergies will cut its investment in British North Sea oil and gas projects by 25% next year after the UK government hiked a windfall tax on the sector, the British exploration and production chief Jean Luc Guiziou said.

  • The windfall tax, on top of several other taxes the sector is subject to, brings the overall tax rate to 75%, among the highest in the world.
  • "For 2023 alone, our investments will be cut by 25%," Guiziou said.
  • TotalEnergies had originally planned to spend £500mn in the British North Sea next year, a spokesperson said.
  • Guiziou said in its current form without a mechanism to reflect any falls in oil and gas prices, the windfall tax will particularly affect short-term investments such as infill wells near existing production.
  • One project that will be axed is an infill well on the Elgin field, the spokesperson added.
  • Shell and Equinor have also said they were evaluating their investment plans after the windfall tax was raised to 35% from 25% this month.
Energy BulletsCommodities
Energy BulletsCommodities

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