Shell reviews its £25B plan due to UK windfall tax
EPA-EFE/ANDY RAIN
British oil & gas giant Shell plc has been reconsidering its £25 billion investment into the United Kingdom's energy system due to the government's recently announced £55 billion windfall tax plan.
Shell's UK Country Chair David Bunch told the Telegraph in the interview published on Monday that it is not certain the company will continue with the investment plan following the last week's Autumn Statement by Prime Minister Rishi Sunak and finance secretary Jeremy Hunt.
In his
budget proposal, Hunt announced the energy profits levy on North Sea energy producers will go up by ten percentage points to 35% and remain in place until 2028, three more years than initially planned. Commenting on the government's fiscal plan, Bunch said that while Shell's ongoing projects will continue, future investments are going to be impacted and therefore reconsidered
oilprice.com
