EnQuest laments Osborne oil tax

By Daily Mail Reporter
Updated:

 

Oil explorer EnQuest warned that George Osborne's windfall tax on oil firms could shorten the life of the North Sea reserves, as it reported soaring profits.

EnQuest said profits before tax reached £104m compared to just £15m the year before, as it increased production by 55% from 13,000 barrels per day to 21,000 bpd.

Chief executive Amjad Bseisu said he would press on with plans to reach a production target of 25,000 bpd and drill eight new wells.

But he warned that the Chancellor's £2bn per year tax had forced EnQuest(flat at 138p) to reassess several North Sea projects.

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Most watched Money videos

{"status":"error","code":"499","payload":"Asset id not found: readcomments comments with assetId=1719364, assetTypeId=1"}