UK North Sea Oil and Gas Still Attractive Despite High Tax, Serica CEO Says
- Cox doesn’t see North Sea tax regime worsening in coming years
- Serica hopes for sensible replacement for UK windfall tax
Serica Energy, a top-10 UK oil and gas producer, is still willing to invest in the nation’s North Sea even after the rising tax burden prompted other companies to shift their focus elsewhere.
“We’re more interested in the UK at the moment than we were previously,” Chris Cox, chief executive officer at Serica Energy, said in an interview on Tuesday. “My personal views is that the tax regime isn’t going to get worse than it is today, and I quite like to buy at the bottom of the cycle. So I see opportunities in the UK.”