Mar
24
24/03/2011
The industry has given out a warning that, as a result of of a windfall tax on North Sea oil producers announced in the Budget, tens of thousands of jobs in the UK will be cut. There are also fears for energy security in the long-term, as Mike Tholen, economics director of Oil and Gas UK, said the change would have damaging effects on this. The £2bn tax will fund a fuel duty cut, after a surge in global oil prices.But Oil and Gas UK - the trade association for the offshore industry - warned jobs and production will be lost. This would lead to the UK eventually having to import more oil.
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