Skip to main content

Britain's biggest oil and gas producer’s £337m profit comes ‘at the expense of every living thing on the planet,’ campaigners warn

BRITAIN’S biggest oil and gas producer Harbour Energy’s whopping £337 million profit comes “at the expense of every living thing on the whole planet,” campaigners said today.

Harbour Energy, who moaned last year that the Tory windfall tax would wipe out their profit, revealed its pre-tax profit today — down from £1.2 billion.

However, the fall in profits has been laid at the door of falling international prices rather than the windfall tax, which Harbour Energy now claim has reduced what it pays in tax.

It is thought that the company benefited from tax loopholes Prime Minister Rishi Sunak put in place while he was chancellor.

This means that for every £100 a company invests in new oil and gas capacity, they can benefit from as much as £45 in windfall tax relief.

Using government statistics, campaign group against new North Sea Oil and gas Stop Rosebank argues this tax break could be worth as much as £10.6bn a year to fossil fuel companies.

And the group highlight that this figure is just short of the £10.7bn needed to lift all NHS and education wages with inflation.

Climate activists This is Rigged commented: “The profit these private companies make is at the expense of every living thing on the whole planet, the least they can do is pay some f****** tax.

“The Orwellian windfall tax introduced by Mr Sunak provides massive tax loopholes for oil and gas companies meaning they can claim almost half the profits back, if they reinvest it directly into —not renewable energy — no, more oil and gas projects.

“That sounds like a bit of policy dreamt up by an arsonist, not a politician.”

Harbour Energy chief executive Linda Cook said: “We remain focused on maximising the value of our British oil and gas portfolio, advancing our organic development projects and disciplined capital allocation.”

OWNED BY OUR READERS

We're a reader-owned co-operative, which means you can become part of the paper too by buying shares in the People’s Press Printing Society.

 

 

Become a supporter

Fighting fund

You've Raised:£ 12,481
We need:£ 5,519
7 Days remaining
Donate today