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Harbor Energy avoids the first permit round for the North Sea in three years in a row due to windfall tax
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The largest North Sea power producer will not take part in the UK’s first round of exploration licenses in nearly three years due to the country’s windfall tax.
Harbor Energy, one of the staunchest opponents of the levy hiked by Jeremy Hunt last month, has decided not to participate after the UK launched its first oil and gas exploration round since 2019 to boost domestic oil and gas supplies.
The company said: “As a result of the expansion of the energy profit tax, we are reviewing investment levels and company-wide capital allocation.”
Windfall protest: Harbor Energy decided not to participate after UK launched its first oil and gas exploration round since 2019
It fell out of the FTSE 100 this month due to a falling share price. OEUK, a trade organization for North Sea oil and gas companies, said: ‘This is what we predicted would happen as a result of the windfall tax – designed to deal with a short-term increase in profits, which is now over a very long period of time. knows. -term impact on the industry.’
Octopus Energy has signed a deal with Shell for energy from the Dogger Bank, the largest wind farm in the world.
It will provide 24 percent of customers with renewable energy.