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The Guardian - UK

Business

Alex Lawson Energy correspondent

Shell says windfall tax threatens North Sea oil and gas investment

Shell Oil North Sea Boris Johnson United Kingdom British Petroleum

Shell said investment must be sustained ‘in securing supplies of oil and gas the UK needs today’ — Shell said investment must be sustained ‘in securing supplies of oil and gas the UK needs today’ Photograph: Ewan Bootman/NurPhoto/Shutterstock

Shell has said Rishi Sunak’s windfall tax is a threat to investment in North Sea oil and gas as Britain attempts to ramp up domestic energy supplies.

The chancellor yesterday announced an “energy profits levy” on oil and gas operators that he hopes will raise £5bn to help fund a support package for households.

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