Energy Prospectus

>Europe was in dire need of natural gas (and oil) during 2022; however, the UK government’s approach of nearly doubling the tax on North Sea production ensures companies will choose other projects away from the North Sea. The tax hike also limits the value of APA’s North Sea reserves, although these only represent about 10% of the company’s total reserve value.

Today, APA announced suspension of all drilling in the North Sea.

Nice job , UK