British lawmakers have officially approved a 25% windfall tax on oil and gas producers that will earn the government nearly $6 billion in one year to put towards surging consumer energy bills. Now that the bill has been approved by parliament, it will have to pass the House of Lords to become law. The windfall tax legislation, originally proposed in May, has now been amended according to Reuters to list 2025 as the end date of the tax. The newer version of the legislation also makes it possible for energy firms to offset the cost of decommissioning oilfields as well as the cost of investing in the electrification of producing fields. Oil and gas giants operating in the British North Sea have warned that the windfall tax will undermine efforts to attract investment to the UK and slow oil and gas production growth in the North Sea. Equinor is […]