Serica ‘actively’ looking overseas ahead of potential increase in UK government’s windfall levy on producers
The boss of one of the UK’s top independent oil and gas producers has said the company is “very actively” seeking opportunities overseas, as he compared navigating the country’s fiscal regime to working in a “war zone”. The comments by David Latin, chair and interim chief executive of London-listed Serica, come just days ahead of the general election, with Labour’s pledge to increase windfall taxes on producers set to dominate campaigning in Scotland.
Smaller companies that increasingly dominate the ageing North Sea basin after the majors retreated argue they are subject to punitive taxation that has seriously dented profits and made investments uneconomical. Separately, Labour’s biggest union funder Unite together with Scottish businesses on Thursday demanded the party drop its opposition to new oil and gas exploration in the North Sea until it can provide a plan to replace jobs that would be lost.
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