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UK Oil And Gas Giant Cuts Investments And Defers Projects Over Windfall Tax | ZeroHedge

Authored by Tsvetana Paraskova via OilPrice.com,

Ithaca Energy, one of the largest oil and gas producers in the UK, has reduced investments and is deferring some projects this year and next, due to the burden of the windfall tax Britain has levied on the industry.

The windfall tax, the so-called Energy Profits Levy, has prompted many companies operating offshore the UK to cut investments and review projects.

After the UK raised the windfall tax to 35% at the end of last (more…)

Continue ReadingUK Oil And Gas Giant Cuts Investments And Defers Projects Over Windfall Tax | ZeroHedge

Venezuela Could Boost Oil Output If US Sanctions Are Eased | ZeroHedge

Authored by Charles Kennedy via OilPrice.com,

  • U.S. sanctions have crippled Venezuela’s crude oil production and exports.

  • Last year, Venezuelan crude oil production hit a 50-year low of around 700,000 barrels per day.

  • Analysts: If the Biden Administration further eases the sanctions and allows other Western oil companies to operate in Venezuela, the South American country could ramp up its production by around 200,000 bpd and reach about 1 million bpd in crude (more…)

Continue ReadingVenezuela Could Boost Oil Output If US Sanctions Are Eased | ZeroHedge