TotalEnergies Says UK Oil Tax Will Hurt Investment, Operations
- Company will be more selective and seek incentives to invest
- CEO sees limited impact from higher corporate taxes in France
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Planned oil and gas tax changes in the UK will prompt TotalEnergies SE to reduce capital expenditure and restructure operations in the country, Chief Executive Officer Patrick Pouyanne said.
The French energy company’s warning echoes similar comments from the industry lobby, which has said changes announced by the new government, including a higher windfall tax and removal of an investment allowance, may undermine capital spending on projects in the North Sea.