Britain's richest man joins other energy industry bosses in criticising the level of tax placed on North Sea oil operations.
support schemes for households and businesses while maintaining incentives to invest to bolster UK energy security.in response, argued that the tax rate is too punitive.
"The UK has hiked the tax take in the North Sea from 40% to 75% and we are now seeing many operators pausing or cancelling their investment plans."The big winners are in the US where operators in the Gulf of Mexico can pay just 37% tax and investment is at its highest level for a decade.""There has been no thought given to the long-term consequences of this 'tax it to death' move.
The Forties pipeline system, which carries the equivalent of 575,000 barrels per day from 85 fields to its processing facility at Grangemouth, is currently seeing investment of up to £1bn, Ineos said. It explained that the network was being upgraded to"ensure it remained fit for purpose until the 2040's".
But the group said that the money was dependent on the North Sea basin remaining a viable oil and gas hub.Read more business news:
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