UK’s Kwarteng to Meet North Sea Oil, Gas Firms Over Windfall Tax

UK Business Secretary Kwasi Kwarteng will meet with North Sea oil and gas producers on Tuesday to discuss the government’s windfall tax.

The roundtable discussion will be attended by executives of North Sea-focused firms such as Harbour Energy Plc and Neptune Energy Group Ltd., but not the international oil majors, according to people with knowledge of the meeting.

The talks come in response to the government’s Energy Profits Levy, which was passed into law earlier this month increases taxation on oil and gas profits by 25%. Independent producers have said that the tax will disproportionately affect them compared to major oil companies, some of which have been posting record profits thanks to soaring energy prices.

The UK Department for Business, Energy and Industrial Strategy didn’t reply to an email seeking comment.

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