Wednesday, January 8, 2025
HomeWorld NewsTrump says Britain made a huge mistake with North Sea windfall profits...

Trump says Britain made a huge mistake with North Sea windfall profits tax | Real Time Headlines

The NKT Victoria cable-laying vessel is operating off the coast of Muske, UK, on ​​August 17, 2024, laying cables as part of the Sofia offshore wind farm project.

Ian Forsyth | Getty Images News | Getty Images

United States President-elect Donald Trump Britain called on Friday to “open up” the North Sea, accusing the country’s Labor government of “making a very big mistake” with its energy tax policy.

His comment was in response to Report About U.S. oil and gas producer APA Corp.’s Apache plans to end its operations in the North Sea by the end of 2029.

The Texas-based company said in a statement SEC Filings Last year, continued production in the UK’s North Sea became uneconomic due to the impact of the UK windfall profits tax – a policy officially known as the “windfall profits tax”. energy profit tax (Premier League).

“Britain is making a very big mistake. Open up the North Sea. Get rid of the windmills!” Trump explain on the social media platform Truth Social.

The British ruling Labor Party said in October last year that it would increase the windfall profits tax on North Sea oil and gas producers from 35% to 38% and extend the end date of the policy to March 2030.

Funds raised from windfall profits tax will be used to support the UK transition Moving away from fossil fuels, the government says will strengthen the country’s energy security and energy independence.

British Prime Minister Keir Starmer stands near a wind turbine during a visit to the RWE Brechfa Forest West onshore wind farm in Pencard, South Wales on August 20, 2024.

Ben Birchall | AFP | Getty Images

CNBC has contacted a spokesperson for the UK’s Department for Energy Security and Net Zero for a response to Trump’s social media post.

shell CNBC declined to comment when contacted. Top UK North Sea producers Harbor Energy and energy majors blood pressure No immediate response was available.

The North Sea is considered one of the UK’s best sources of sustained offshore wind energy, and several European countries besides the UK have also promised Turn the area into Europe’s largest “green power plant”.

The rapidly growing offshore wind industry going through a rough time In recent years, however, rising costs, supply chain disruptions and rising interest rates have hampered this progress.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments