{"id":448404,"date":"2026-06-04T06:20:06","date_gmt":"2026-06-04T13:20:06","guid":{"rendered":"https:\/\/climatescience.press\/?p=448404"},"modified":"2026-06-04T06:20:08","modified_gmt":"2026-06-04T13:20:08","slug":"bp-plans-north-sea-exit-after-labours-tax-raid","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=448404","title":{"rendered":"BP Plans North Sea Exit After Labour\u2019s Tax Raid"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"723\" height=\"485\" data-attachment-id=\"448406\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=448406\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/06\/0-BP-Plans-North-Sea-Exit-After-Labours-Tax-Raid.jpg?fit=1168%2C784&amp;ssl=1\" data-orig-size=\"1168,784\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;alt&quot;:&quot;&quot;}\" data-image-title=\"0 BP Plans North Sea Exit After Labour\u2019s Tax Raid\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/06\/0-BP-Plans-North-Sea-Exit-After-Labours-Tax-Raid.jpg?fit=723%2C485&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/06\/0-BP-Plans-North-Sea-Exit-After-Labours-Tax-Raid.jpg?resize=723%2C485&#038;ssl=1\" alt=\"\" class=\"wp-image-448406\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/06\/0-BP-Plans-North-Sea-Exit-After-Labours-Tax-Raid.jpg?resize=1024%2C687&amp;ssl=1 1024w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/06\/0-BP-Plans-North-Sea-Exit-After-Labours-Tax-Raid.jpg?resize=300%2C201&amp;ssl=1 300w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/06\/0-BP-Plans-North-Sea-Exit-After-Labours-Tax-Raid.jpg?resize=768%2C516&amp;ssl=1 768w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/06\/0-BP-Plans-North-Sea-Exit-After-Labours-Tax-Raid.jpg?resize=640%2C430&amp;ssl=1 640w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/06\/0-BP-Plans-North-Sea-Exit-After-Labours-Tax-Raid.jpg?w=1168&amp;ssl=1 1168w\" sizes=\"auto, (max-width: 723px) 100vw, 723px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>BP is preparing to exit or significantly reduce its presence in the UK North Sea after more than 60 years, with a potential sale of its UK offshore operations reportedly in play (possibly to buyers like Ithaca, though talks may have stalled).<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The main driver is the UK&#8217;s high tax burden on North Sea oil and gas production:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Effective tax rate ~78% on profits:<\/strong> This combines Ring Fence Corporation Tax (30%), Supplementary Charge (10%), and the <strong>Energy Profits Levy (EPL, or &#8220;windfall tax&#8221;) at 38%<\/strong>.<\/li>\n\n\n\n<li>The EPL was introduced by the Conservatives in 2022 (initially 25%) amid high energy prices after Russia&#8217;s invasion of Ukraine. Labour&#8217;s 2024 Budget increased it to 38% and extended it to March 2030. <\/li>\n\n\n\n<li>There is an &#8220;Energy Security Investment Mechanism&#8221; that could reduce the rate if prices fall below thresholds for a sustained period, but current geopolitics (e.g., tensions involving Iran) have kept prices elevated.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Critics argue this regime is one of the most punitive for upstream oil\/gas in OECD countries, deterring new investment in a mature, declining basin. BP (and others) face high costs for extracting from aging fields while getting to keep relatively little of the upside. BP has been reviewing its portfolio under new CEO Meg O\u2019Neill to cut debt and focus on higher-return opportunities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BP has been a major operator there for decades, with significant production, hubs like ETAP and Clair, and historical investments. An exit would be symbolic as one of the last oil majors scaling back substantially. Earlier reports (May 2026) mentioned a potential \u00a32 billion divestment. This fits a broader trend of majors shifting capital elsewhere (e.g., more international or lower-carbon projects for some).<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>Broader implications<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Energy security: <\/strong>The UK is already a net importer of energy. Accelerating decline in North Sea output (without sufficient new investment) increases reliance on imports, LNG, and foreign suppliers \u2014 especially risky amid global volatility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Jobs and economy:<\/strong> Thousands of direct and supply-chain jobs in Scotland and elsewhere are at stake. The sector supports high-skilled employment and tax revenue (though the high rate aims to capture more short-term).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Investment climate:<\/strong> Industry groups have warned that uncertainty and high taxes speed up the basin&#8217;s natural decline and make new projects unviable. Labour&#8217;s policy also includes a ban on new North Sea licensing rounds in some versions, adding to the chill.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Transition trade-offs:<\/strong> Supporters of the tax see it as recouping funds for public spending or green transition while prices are high. Detractors say it undermines domestic production precisely when reliable energy is needed during the shift to renewables (which are intermittent and require backups).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This isn&#8217;t isolated\u2014other operators have expressed similar frustrations. Whether BP fully exits, sells assets, or scales back remains to be seen; companies often use such reports as leverage in policy discussions. The story highlights classic tensions in energy policy: short-term revenue vs. long-term production incentives in a geopolitically sensitive sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">_____________________________________________________________________________________<\/p>\n\n\n\n<p class=\"has-large-font-size wp-block-paragraph\"><strong>BP considers quitting North Sea after Labour tax raid<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Company\u2019s potential exit would mark biggest casualty of Rachel Reeves\u2019s oil and gas levies<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BP is preparing to quit the North Sea after more than 60 years as Labour ramps up taxes on oil and gas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The \u00a380bn energy giant had been close to selling its UK offshore operations to rival Ithaca in recent weeks, according to the Financial Times. <strong><em><a href=\"https:\/\/www.telegraph.co.uk\/business\/2026\/06\/03\/bp-considers-quitting-north-sea-after-labour-tax-raid\/\">The Telegraph<\/a> has the story.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is said to still be actively considering other deals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.telegraph.co.uk\/business\/2026\/03\/24\/north-sea-shutdown-leaves-uk-more-reliant-on-foreign-gas\/\">An exit from the North Sea<\/a>&nbsp;by BP would mark the biggest casualty of Labour\u2019s oil and gas tax policy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It comes as energy giants grapple with the North Sea windfall levy, which has pushed industry taxes on oil and gas profits to 78pc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rachel Reeves launched a fresh tax raid last month on the sector, including BP and Shell, to fund \u00a31.8bn of cost of living support.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.telegraph.co.uk\/business\/2026\/05\/21\/reeves-prepares-fresh-tax-raid-on-oil-and-gas-giants\/\">Ms Reeves scrapped a tax rule<\/a>&nbsp;allowing oil and gas companies to offset profits made in Britain against losses made by foreign subsidiaries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is expected to raise hundreds of millions of pounds a year for the Treasury and pay for support for families and businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Chancellor\u2019s move was cheered by Left-wing campaigners, with Greenpeace saying it was \u201cexactly the kind of action we\u2019ve been calling for\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, it has raised concerns that the changes could damage the UK\u2019s already heavily taxed oil and gas industry and push more jobs abroad.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Offshore Energies UK, a trade association, said last year that the North Sea industry is already losing around 1,000 jobs a month as companies made cuts to their workforce.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BP has been critical of the windfall taxes imposed on UK offshore operators by the Government.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meg O\u2019Neill, the energy giant\u2019s chief executive, ordered a review last month of the company\u2019s offshore operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BP is currently one of the largest operators in the North Sea. The FTSE 100 business holds interests in 20 to 25 producing fields in the UK, centred on several major hubs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, energy firms have been reviewing their positions in the North Sea after Labour\u2019s tax raids. Bosses have also raised concerns about Ed Miliband\u2019s approach to their oil and gas operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It comes after the Mr Miliband&nbsp;<a href=\"https:\/\/www.telegraph.co.uk\/business\/2026\/04\/28\/bp-profits-double-on-iran-oil-trading-boom\/\">described BP\u2019s profits<\/a>&nbsp;as \u201cmorally and economically wrong\u201d earlier this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Read the full story <a href=\"https:\/\/www.telegraph.co.uk\/business\/2026\/06\/03\/bp-considers-quitting-north-sea-after-labour-tax-raid\/\">here<\/a>.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BP is preparing to exit or significantly reduce its presence in the UK North Sea after more than 60 years, with a potential sale of its UK offshore operations reportedly in play (possibly to buyers like Ithaca, though talks may have stalled). <\/p>\n","protected":false},"author":121246920,"featured_media":448406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691833545,691841795,691820941,691818154,691818610,691819148,691823489,691825590],"class_list":["post-448404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-british-petroleum-bp","tag-ed-milibands-department-of-energy-security-and-net-zero-desnz","tag-labour-party","tag-net-zero","tag-north-sea","tag-oil-and-gas","tag-rachel-reeves","tag-windfall-tax","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/06\/0-BP-Plans-North-Sea-Exit-After-Labours-Tax-Raid.jpg?fit=1168%2C784&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1SEk","jetpack-related-posts":[{"id":299809,"url":"https:\/\/climatescience.press\/?p=299809","url_meta":{"origin":448404,"position":0},"title":"Most North Sea oil and gas projects would be \u2018unviable\u2019 under Labour plans","author":"uwe.roland.gross","date":"02\/04\/2024","format":false,"excerpt":"Three-quarters of all the North Sea\u2019s new oil and gas projects would be rendered\u00a0economically unviable under Labour\u2019s tax proposals, industry chiefs have warned.","rel":"","context":"In \"Labour plans\"","block_context":{"text":"Labour plans","link":"https:\/\/climatescience.press\/?tag=labour-plans"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0AA1mBbLe.jpeg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0AA1mBbLe.jpeg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0AA1mBbLe.jpeg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0AA1mBbLe.jpeg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0AA1mBbLe.jpeg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":277613,"url":"https:\/\/climatescience.press\/?p=277613","url_meta":{"origin":448404,"position":1},"title":"North Sea oil production falls at fastest pace in a decade as Labour fears deter\u00a0investment","author":"uwe.roland.gross","date":"09\/07\/2023","format":false,"excerpt":"North Sea oil production has plunged at its fastest pace in a decade as fears grow over a potential Labour government and Rishi Sunak\u2019s windfall tax deters investment.","rel":"","context":"In \"Government\u2019s windfall tax\"","block_context":{"text":"Government\u2019s windfall tax","link":"https:\/\/climatescience.press\/?tag=governments-windfall-tax"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/0a-drilling-rig-in-the-water-with-the-sun-setting-in-the-background.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/0a-drilling-rig-in-the-water-with-the-sun-setting-in-the-background.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/0a-drilling-rig-in-the-water-with-the-sun-setting-in-the-background.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/0a-drilling-rig-in-the-water-with-the-sun-setting-in-the-background.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/0a-drilling-rig-in-the-water-with-the-sun-setting-in-the-background.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":433546,"url":"https:\/\/climatescience.press\/?p=433546","url_meta":{"origin":448404,"position":2},"title":"Miliband&#8217;s North Sea Ban: Ideological Madness in the Face of War-Driven Energy Chaos","author":"uwe.roland.gross","date":"03\/23\/2026","format":false,"excerpt":"Miliband maintains that extra North Sea production would make no \u201cmaterial difference\u201d to household bills (prices are set globally) or long-term supply. He frames the policy as essential for the \u201cjust transition,\u201d arguing excessive fossil fuel dependence is the real long-term security risk. New licences wouldn\u2019t meaningfully slow the basin\u2019s\u2026","rel":"","context":"In \"Ed Miliband\u2019s Department of Energy Security and Net Zero (DESNZ)\"","block_context":{"text":"Ed Miliband\u2019s Department of Energy Security and Net Zero (DESNZ)","link":"https:\/\/climatescience.press\/?tag=ed-milibands-department-of-energy-security-and-net-zero-desnz"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Milibands-North-Sea-Ban-Ideological-Madness-in-the-Face-of-War-Driven-Energy-Chaos1.jpg?fit=784%2C1168&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Milibands-North-Sea-Ban-Ideological-Madness-in-the-Face-of-War-Driven-Energy-Chaos1.jpg?fit=784%2C1168&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Milibands-North-Sea-Ban-Ideological-Madness-in-the-Face-of-War-Driven-Energy-Chaos1.jpg?fit=784%2C1168&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Milibands-North-Sea-Ban-Ideological-Madness-in-the-Face-of-War-Driven-Energy-Chaos1.jpg?fit=784%2C1168&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":438237,"url":"https:\/\/climatescience.press\/?p=438237","url_meta":{"origin":448404,"position":3},"title":"North Sea Gas Delivers \u00a32.5 Billion Windfall for Britain","author":"uwe.roland.gross","date":"04\/09\/2026","format":false,"excerpt":"A recent analysis from investment bank Stifel confirms that North Sea gas saved the UK around \u00a32.5 billion in 2025. This figure comes from relying on cheaper domestic offshore production rather than more expensive imported liquefied natural gas (LNG).","rel":"","context":"In \"Ed Miliband\u2019s Department of Energy Security and Net Zero (DESNZ)\"","block_context":{"text":"Ed Miliband\u2019s Department of Energy Security and Net Zero (DESNZ)","link":"https:\/\/climatescience.press\/?tag=ed-milibands-department-of-energy-security-and-net-zero-desnz"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/04\/0-North-Sea-Gas-Delivers-2.5-Billion-Windfall-for-Britain.jpg?fit=1168%2C784&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/04\/0-North-Sea-Gas-Delivers-2.5-Billion-Windfall-for-Britain.jpg?fit=1168%2C784&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/04\/0-North-Sea-Gas-Delivers-2.5-Billion-Windfall-for-Britain.jpg?fit=1168%2C784&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/04\/0-North-Sea-Gas-Delivers-2.5-Billion-Windfall-for-Britain.jpg?fit=1168%2C784&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/04\/0-North-Sea-Gas-Delivers-2.5-Billion-Windfall-for-Britain.jpg?fit=1168%2C784&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":402521,"url":"https:\/\/climatescience.press\/?p=402521","url_meta":{"origin":448404,"position":4},"title":"How Ed Miliband cost Britain one billion barrels of North Sea oil","author":"uwe.roland.gross","date":"09\/16\/2025","format":false,"excerpt":"For Ed Miliband, it\u2019s a truly awkward moment. His own statisticians have released data showing that Britain\u2019s North Sea will produce a billion barrels of oil and gas fewer than expected between now and 2050 \u2013 with analysts linking the downgrade to Labour\u2019s imposition of 78pc taxes and a\u00a0ban on\u2026","rel":"","context":"In \"energy industry\"","block_context":{"text":"energy industry","link":"https:\/\/climatescience.press\/?tag=energy-industry"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/09\/0AQNFe22cLcy4vvsiflRwz-QuWoAx2srDMxkjlEV5In7DpggL0p_Wctxk-yQhHgDaQGR5UeKd9OjtkPsEWZV-u2tBYv3nm6cQfnvZJ7ipYqtv6uKu5LTv3sy7wailQvEAwvhS40k5T4htVBKN_lDnz5CglpkZLA-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/09\/0AQNFe22cLcy4vvsiflRwz-QuWoAx2srDMxkjlEV5In7DpggL0p_Wctxk-yQhHgDaQGR5UeKd9OjtkPsEWZV-u2tBYv3nm6cQfnvZJ7ipYqtv6uKu5LTv3sy7wailQvEAwvhS40k5T4htVBKN_lDnz5CglpkZLA-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/09\/0AQNFe22cLcy4vvsiflRwz-QuWoAx2srDMxkjlEV5In7DpggL0p_Wctxk-yQhHgDaQGR5UeKd9OjtkPsEWZV-u2tBYv3nm6cQfnvZJ7ipYqtv6uKu5LTv3sy7wailQvEAwvhS40k5T4htVBKN_lDnz5CglpkZLA-1.jpeg?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/09\/0AQNFe22cLcy4vvsiflRwz-QuWoAx2srDMxkjlEV5In7DpggL0p_Wctxk-yQhHgDaQGR5UeKd9OjtkPsEWZV-u2tBYv3nm6cQfnvZJ7ipYqtv6uKu5LTv3sy7wailQvEAwvhS40k5T4htVBKN_lDnz5CglpkZLA-1.jpeg?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/09\/0AQNFe22cLcy4vvsiflRwz-QuWoAx2srDMxkjlEV5In7DpggL0p_Wctxk-yQhHgDaQGR5UeKd9OjtkPsEWZV-u2tBYv3nm6cQfnvZJ7ipYqtv6uKu5LTv3sy7wailQvEAwvhS40k5T4htVBKN_lDnz5CglpkZLA-1.jpeg?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":240600,"url":"https:\/\/climatescience.press\/?p=240600","url_meta":{"origin":448404,"position":5},"title":": Oil giant blames windfall tax as it cuts hundreds of jobs and investment","author":"uwe.roland.gross","date":"01\/20\/2023","format":false,"excerpt":"Britain\u2019s biggest oil and gas producer is planning to cut jobs as it scales back investment in response to the North Sea windfall tax.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-869.png?fit=1200%2C630&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-869.png?fit=1200%2C630&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-869.png?fit=1200%2C630&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-869.png?fit=1200%2C630&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-869.png?fit=1200%2C630&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/448404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=448404"}],"version-history":[{"count":19,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/448404\/revisions"}],"predecessor-version":[{"id":448427,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/448404\/revisions\/448427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/448406"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=448404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=448404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=448404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}