Potential Job Losses in North Sea Oil Sector Highlighted by Serica Energy's CEO
The Importance of Investment Allowance
David Latin (pictured) expressed his concerns regarding the proposed scrapping of the investment allowance for oil producers in the North Sea. This allowance enables companies to offset tax from cash that is re-invested into their operations.
Impact of the Proposed Changes
According to Latin, the potential removal of this allowance could jeopardize investment in the sector, resulting in huge job losses and reduced economic activity.
Conclusion
Serica Energy's leadership is urging regulators to reconsider the implications of this policy change and to maintain structures that support sustainable growth and employment in the North Sea oil industry.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.