“Many” North Sea operators are now reconsidering their 2023 spending plans due to the windfall tax, the head of a membership group has said, with particular damage predicted to the supply chain.
Robin Allan, chairman of BRINDEX – an association of more than 20 independent operators including Harbour Energy, Ithaca Energy (LON: ITH) and EnQuest (LON: ENQ) – said he’s “not surprised” to see revisions as firms can no longer “safely plan on fiscal stability”.
The move will ultimately hurt the UK and its supply chain, Mr Allan warned.
He told Energy Voice: “The windfall taxes on our sector have already led many BRINDEX Members to reconsider their 2023 spending plans.
“This reduced expenditure will negatively impact and damage all of us but particularly damage the service sector in the UK”.
The comments come after Harbour Energy (LON: HBR), the top producer in the UK North Sea, said on Thursday it would shun the ongoing licensing round in the sector due to the levy.
Classic Crude Oil Trades : Real-Life Examples of Innovative Trading
Some of the trades covered in the book are well known but most are only known to a small group or to market specialists. Chapter 14 describes a trade carried out by Liz in the 1980s that you could not do today. Fascinating and unprecedented insight for those interested in the oil markets and gives the book broad appeal. The book can be used as an educational reference work by market participants and as a more general guide to how the crude oil market operates and the strategies that traders employ. There are very academic books about the theory of trading but nothing that directly covers real-life examples of innovative and winning trades, each of which illuminate a different aspect of trading or a different era in the oil markets. The presentation of each individual trade has been designed so that they can be used as case studies by business schools.
