Britain’s oil and gas industry faces an uncertain future
Small operators in the North Sea are struggling with a tax squeeze
The oil and gas industry is a volatile business. Swings in energy prices and the precarious nature of drilling into seabeds are part and parcel of the trade, says David Latin, chairman of Serica Energy, a producer in the North Sea. He once ran oil and gas fields threatened with blockades and militant attacks during a civil war in Libya. He likens the experience to operating in Britain, where a tumultuous tax regime has made it “impossible” to invest.
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This article appeared in the Britain section of the print edition under the headline “Crude realities”
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