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OIL: Trump Calls to Open Up North Sea Oil

OIL
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The US president-elect made the remarks in a post on Truth Social Friday, saying the UK government was making “a very big mistake.” An increase in the windfall tax on North Sea oil and gas producers from 35% to 38% was announced in October, with its extension by one year. The revenue is earmarked for renewable energy projects.

  • Trump’s post was in response to a report that US producer APA Corp’s Apache unit plans to exit the North Sea by the end of 2029. Apache’s North Sea production is expected to decline by 25% in 2025 from 2024.
  • Oil companies have been leaving the North Sea for some time, as production has fallen from the peak 4.4m b/d of oil equivalent around 2000 to around 1.3m boe/d currently.
  • The UK Labour government intends to quadruple offshore wind generation to 60 gigawatts by 2030
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The US president-elect made the remarks in a post on Truth Social Friday, saying the UK government was making “a very big mistake.” An increase in the windfall tax on North Sea oil and gas producers from 35% to 38% was announced in October, with its extension by one year. The revenue is earmarked for renewable energy projects.

  • Trump’s post was in response to a report that US producer APA Corp’s Apache unit plans to exit the North Sea by the end of 2029. Apache’s North Sea production is expected to decline by 25% in 2025 from 2024.
  • Oil companies have been leaving the North Sea for some time, as production has fallen from the peak 4.4m b/d of oil equivalent around 2000 to around 1.3m boe/d currently.
  • The UK Labour government intends to quadruple offshore wind generation to 60 gigawatts by 2030