LONDON, Dec 2 — French company TotalEnergies will cut North Sea oil and gas investment by 25 per cent next year after the UK government extended a windfall tax on energy firms.
“For 2023 alone, our investments will be cut by 25 per cent,” he was quoted as saying by specialist publication Energy Voice yesterday.Total will cut its North Sea investment by £100 million in 2023 after finance minister Jeremy Hunt ramped up a windfall tax on oil and gas giants, whose profits have surged on fallout from the Ukraine war.
The government wants the energy sector to partly foot the bill as it tries to shore up the nation’s public finances, hit by a combination of UK political turmoil, pandemic support and Brexit fallout.
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