UK North Sea Oil Regulator Raises Investment and Output Outlook
Companies have complained about high tax burdens and policy uncertainty, with some looking for projects elsewhere.
Photographer: Chris Ratcliffe/BloombergThe UK’s North Sea oil and gas regulator raised its forecasts for investment and production in the coming years after 2024 figures were higher than expected.
The North Sea Transition Authority said capital expenditure totaled £5.95 billion ($7.7 billion) last year, more than 50% above an October projection, according to estimates published on its website. While investments are expected to be lower this year at £4.8 billion, they’re still significantly above a previous forecast published after the Labour government raised taxes on the oil and gas industry.