The largest energy producer in the North Sea will not enter the UK’s first exploration licensing round in nearly three years due to the country’s windfall tax.
Harbour Energy, one of the staunchest opponents of the levy that Jeremy Hunt hiked last month, has decided not to participate after the UK launched its first oil and gas exploration round since 2019 to boost domestic supply of oil and gas.
The company said: ‘As a result of the extension of the energy profits levy, we are reviewing investment levels and company-wide capital allocation.’
Windfall protest: Harbour Energy has decided not to participate after the UK launched its first oil and gas exploration round since 2019
It dropped out of the FTSE 100 this month due to a falling share price. OEUK, a trade body for North Sea oil and gas firms, said: ‘This is what we predicted would happen as a result of the windfall tax – conceived to deal with a short-term surge in profits, which is now having a very long-term impact on the industry.’
Octopus Energy has done a deal with Shell for energy from Dogger Bank, the world’s largest wind farm.
It will supply 24 per cent of clients with renewable energy.
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