Potential Job Losses in North Sea Oil Sector Highlighted by Serica Energy's CEO

Monday, 5 August 2024, 21:01

David Latin, CEO of Serica Energy, has voiced strong opposition against proposed changes to tax regulations affecting North Sea oil producers. The planned elimination of the investment allowance could have significant ramifications, potentially leading to substantial job losses in the industry. Latin's concerns highlight the importance of this allowance for facilitating reinvestment and sustaining employment. Without it, the future of jobs in the sector could be at serious risk.
Daily Mail
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.


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