Beautiful Virgin Islands

Sunday, Nov 03, 2024

Chevron Halts North Sea Drilling Amid Rising Tax Burden

US energy giant Chevron has ceased its North Sea operations after UK Chancellor Jeremy Hunt rejected calls to pause the windfall tax on energy companies. This decision ends Chevron's 55-year presence in the region. The company cited a global review of its operations, ensuring competitiveness, as the reason for withdrawal, denying any direct link to current UK tax laws.
US energy giant Chevron has ceased its North Sea operations after UK Chancellor Jeremy Hunt rejected calls to pause the 'windfall' tax on energy companies.

This decision ends Chevron's 55-year presence in the region.

The company cited a global review of its operations, ensuring competitiveness, as the reason for withdrawal, denying any direct link to current UK tax laws.

Chevron will divest assets including the Ninian Pipeline, Sullom Voe Terminal, and Shetland Islands Regional Gas Export pipeline.

The windfall tax, targeting oil and gas extraction profits, can result in tax rates as high as 75%, with some companies like EnQuest facing rates up to 113%.

Industry leaders warn that this tax regime could halve UK oil and gas supply by the decade's end, potentially leading to an energy crisis before sufficient renewable infrastructure is in place.

Despite this, the UK government maintains its support for the sector, emphasizing the tax's role in encouraging investment.

Other energy firms, such as Shell, Harbour Energy, and BP, have also scaled back North Sea operations due to the tax.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Siemens Acquires Altair Engineering in $10.6 Billion Deal
The man who got hit by a bus and immediately went back to the pub is strong! Beer is very important.
Donald Trump files $10 billion lawsuit against CBS News, accusing them of 'deceptively doctoring' Kamala Harris' '60 Minutes' interview
Formal Address for Meghan Markle at Invictus Games
Understanding the US Electoral College System
Apple Launches AI Features on Select iPhones
JP Morgan Sued Customers Over Viral Cheque Fraud Scheme
King Charles to Continue Global Tours Despite Cancer Diagnosis
Venice Extends Tourist Entry Fee Program to 2025
Tommy Robinson Charged Under Terrorism Act for Phone Offence
Plans to Increase Employers' National Insurance Announced
Washington Post Editor-at-Large Robert Kagan has RESIGNED after owner Jeff Bezos BARRED the endorsement of Kamala Harris.
Massive Theft of Artisan Cheddar from Neal’s Yard Dairy
US Man Charged with Murder of Co-Worker over Breaks
Carbon Monoxide Incident Claims Lives at UK Care Home
Birmingham Airport Evacuated Due to Suspicious Vehicle
Former US President Barack Obama raps the lyrics to Eminem's ‘Lose Yourself’ after the rapper introduces him at a Kamala Harris rally in Detroit
KYIV URGES NORTH KOREAN TROOPS IN UKRAINE TO SURRENDER
Ofcom Identifies Link Between Social Media Posts and UK Unrest
Russian Boxer Receives Lifetime Ban for Illegal Move in Boxing Debut
Biden Labels Trump a Threat to Democracy
McDonald's Linked to E. coli Outbreak Leading to One Death
Teacher Enoch Burke arrested at Wilson’s Hospital School in Ireland after refusing to endorse and affirm transgender ideology.
FBI Investigates Leak of US Intelligence on Israeli Strike Plans
Israeli Airstrike Targets Hezbollah's Financial Resources
China’s Baidu is revolutionizing transportation with its robotaxi service
Angela Rayner Secures Permanent Seat on UK National Security Council
Russian Ambassador Claims UK's Proxy War in Ukraine
Doctor Advocates for Assisted Dying Law Reform
Ruth Davis Appointed as UK’s First Nature Envoy
Pressure Mounts on Starmer to Discuss Reparations at Commonwealth Summit
James Cleverly’s Costly In-Flight Catering for Government Trips
AI Regulation Takes Center Stage in 2024 US Presidential Campaign
NASA Study Explores Potential Microbial Life Beneath Mars' Ice
Cats: The Liquid-Like Pets
Netanyahu Condemns Alleged Hezbollah Assassination Attempt
Liam Payne's Tragic Death: Tributes Pour In
Cuba's Power Struggles: Nationwide Blackout Strikes Again
Xi Jinping Urges Troops to Prepare for Conflict Amid Taiwan Drills
Farage Supported by US PR Team Linked to Steve Bannon
Controversy Over MP's Comments on Female Candidate's Family Responsibilities
Highlights from the Conservative Leadership Contest TV Debate
Childminder Jailed for Inciting Racial Hatred After Southport Attack
NHS England's Repair Bill Soars to Almost £14 Billion
Russia Accused of Using Incendiary Devices to Disrupt Western Confidence
Culture Wars: 'A Dog Whistle to Attack the Right', Says Badenoch
Virtual Reality and Advanced Technologies in Combating Cocaine Addiction
Chancellor Rachel Reeves Assembles Taskforce to Safeguard Financial Stability Amid Increased Borrowing Plans
RAF Typhoon Intercepts Air India Flight After Bomb Threat
Hamas Chief Yahya Sinwar Killed in Israeli Operation
×