UK North Sea Oil Is ‘Uninvestable’ Due to High Tax, Ineos Says

The development of new oil and natural gas resources in the UK isn’t viable due to high taxes, according to Ineos Group.

“Tax rates are so punitive that the UK is uninvestable,” Brian Gilvary, chairman of the Ineos Energy unit, said by phone on Wednesday following the company’s acquisition of production assets in the US.

The UK introduced what’s known as the Energy Profits Levy in 2022, and the tax increased to 38% last year. Ineos, which has production in the UK, is paying a total tax rate of 78% on its output, according to Gilvary.

Ineos isn’t ...