APA to drop a North Sea drilling rig as U.K. tax rate bites – Reuters.com
- Date: 24-Feb-2023
- Source: Reuters
- Sector:Financial Services
- Country:Egypt
APA to drop a North Sea drilling rig as U.K. tax rate bites – Reuters.com
Feb 23 (Reuters) - U.S. oil and gas producer APA Corp on Thursday said it planned to drop a drilling rig in the North Sea as recent increases to tax rates have made its operations there less competitive.
Britain last year announced plans to boost windfall taxes on oil and gas companies following the industry's record-high profits, raising total taxes the sector pays to 75%, the highest in the world.
"Longer-term incremental dollars that we have alternatives to put in other places, you're going to see us make that decision just because there's more attractive places to put that," APA Chief Executive Officer John Christmann told investors.
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