North Sea-focused Harbour Energy said on Thursday a review of its UK operations has led to about 250 job cuts, as Britain’s windfall tax continues to weigh on the oil and gas producer’s operations.
North Sea producers have argued that the UK’s Energy Profit Levy (EPL), introduced in 2022 after energy prices surged following Russia’s invasion of Ukraine, has eroded profits and created uncertainty for future investments.
Harbour, the largest British North Sea oil and gas producer, said it has cut about 600 roles since the levy was introduced.
“(The reductions) align with significantly lower anticipated UK investment, driven by the continued punitive domestic fiscal regime,” the company said in a statement.Separately, the company narrowed its 2025 production guidance upward to 465,000-475,000 barrels of oil equivalent per day (boepd), compared with its earlier projection of 460,000-475,000 boepd.