UK Extends Windfall Tax as It Clears a Path for Limited North Sea Drilling

The UK government has revised its position on new oil and gas production in the North Sea, now set to greenlight new output from existing fields and fields in close proximity to them. The government announced this decision during the presentation of its budget this week, crushing industry hopes for the end of the windfall tax that was introduced in 2022. The tax will remain in place until 2030, Reuters reported. The energy industry has spoken against the tax repeatedly, warning it would discourage much-n ...