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UK Oil, Gas Firms To Leave Output In Ground Amid Windfall Tax Hikes

OIL

The recent increase in the country’s windfall taxes could mean that 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, industry group OEUK said.

  • The British North Sea produced just under 1.4 million barrels of oil equivalent per day last year, down from a peak of around 4.4 million barrels of oil equivalent in 1999.

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