The UK government has decided to allow new oil and gas production in the North Sea, focusing on existing fields and those nearby. The windfall tax introduced in 2022 will remain until 2030, disappointing the energy industry. Industry leaders warn that without changes to the tax, investments will stall, and jobs will be lost. The UK’s oil and gas production has declined over the years, and further taxes and policy changes are driving operators away. The current trajectory could lead to a drop in production to as little as 150,000 barrels daily by 2050.

Read more at Yahoo Finance: UK Extends Windfall Tax as It Clears a Path for Limited North Sea Drilling