Shulou(Shulou.com)11/24 Report--

November 22, according to foreign media reports, Shell said on Monday that it would evaluate 25 billion pounds of planned investment in UK projects over the next 10 years after the British government raised the windfall tax on oil and gas producers.

In the face of soaring energy prices, Jeremy Hunt, the UK chancellor of the exchequer, unveiled his autumn budget last week with plans to increase the existing "windfall" energy profits tax (EPL) on North Sea oil and gas operators from 25 per cent to 35 per cent from January 1, 2023, with an extension of two years to March 2028 to help fill a major gap in the public finances.

Shell said earlier this year it planned to invest £20m-£25 billion in UK energy infrastructure over the next decade, including oil and gas, offshore wind, electric car charging and hydrogen. Shell said in a statement on Monday that EPL should aim to provide incentives to address oil and gas supply shortages and to attract long-term investment in renewable energy.

"We will have to evaluate each project on a case-by-case basis," David Bunch, the company's UK chairman, said at the CBI annual meeting. "if taxes are raised, there will be less disposable income in our pockets and less money to invest. It will be reassessed in the light of the current financial outlook to determine whether our investment will reach the amount previously discussed."

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