OEUK Chief Executive Deirdre Michie warned that the new tax risks driving away UK oil and gas investment. The UK government’s decision to impose a 65 percent tax rate on the nation’s offshore energy providers will do long-term damage to the industry and raise the risk of future energy shortages, industry body Offshore Energies UK (OEUK) has told the government. In a letter sent to the UK Chancellor of the Exchequer on behalf of the offshore energy industry, OEUK Chief Executive Deirdre Michie warned that the new tax risks driving away UK oil and gas investment. Michie also outlined that the government’s climate ambitions would not be helped by the tax. A government consultation on how the new tax will work closed just before midnight on June 28. The new tax imposes a 25 percent surcharge on the profits made by companies producing oil and gas on the UK […]