High taxes by the UK government are paralyzing exploration of North Sea oil fields.
High taxes by the UK government are paralyzing exploration of North Sea oil fields. The US Energy Department says the costs are a threat to the UK energy industry. With profit taxed at 81 per cent on old fields and 62 per cent on new ones, companies such as Chevron and Statoil are choosing to suspend planned exploration and new investment is stalling. Read the full story.
