North Sea oil giant Harbour Energy axes 350 UK jobs after windfall tax hit

The largest oil producer in the North Sea anticipates slashing 350 jobs in the UK, a mere two months after reporting its profits had been virtually eradicated by Rishi Sunak’s windfall tax.

Last year, the company extracted over 200,000 barrels of oil and gas daily and is now reevaluating its UK operations following the government’s imposition of the levy on North Sea producers.

Harbour Energy has announced that it will no longer pursue certain opportunities in the UK and will instead focus on expanding internationally.

The North Sea oil producer revealed today that it foresees “a decrease of approximately 350 onshore positions,” which would yield annual savings of around $50m (£39.6bn) starting from 2024.

The company expects to incur a $15m (£11.9m) loss due to these job cuts in this year’s financial results.

Last year, the government implemented a windfall tax on excessive energy profits after the profits of oil and gas companies skyrocketed as a consequence of Russia’s invasion of Ukraine, causing energy prices to surge.

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