Oil and Gas Companies Pull Out of UK North Sea Sector Due to Tax Pressure
Oil and gas companies operating in Britain’s North Sea offshore sector are consolidating and moving overseas as Britain’s windfall tax cuts into profits and the opposition Labor Party threatens to increase taxes if it wins the next general election. This was reported by Reuters. A change in strategy could accelerate …
Italian Eni and British Ithaca Energy Combine Assets in the UK
Italian oil and gas company Eni SpA said it has signed an agreement with Britain’s largest independent oil and gas company Ithaca Energy plc to combine virtually all of its upstream assets in the UK, excluding those in the East Irish Sea and CCUS. The combination is financed by the …
British Ithaca Energy plc and Italian Eni are Considering a Merger
Leading independent oil and gas operator in the UK North Sea, Ithaca Energy, today announced it has entered into an exclusivity agreement for a potential transformational combination with substantially all of Eni S.p.A.’s upstream assets in the UK, including the recently acquired assets of Neptune Energy. The exception will be …
Shell Sold North Sea Field Despite Its Prospects
Shell sold the Cambo field project in the North Sea to Britain’s Ithaca Energy. The Kambo field is the second largest untapped oil and gas field in the UK North Sea. However, Shell believes that the time has come to part with such an asset by selling it to Britain’s …
British Oil and Gas Company Ithaca Energy Cuts Investment Due to Excess Income Tax
Ithaca Energy, one of the UK’s largest oil and gas producers, has slashed investment and is even talking about canceling a number of projects this year and next. The reason is the excessive expenses associated with the payment of the windfall income tax, which London initiated about a year ago. …