U.S. oil producer Apache Corp on Friday said it was suspending drilling in the North Sea and reducing its British workforce because high taxes have made the operation less competitive, according to a Reuters report.
The unit of APA Corp did not say how many workers would be cut as a result of the move.
The UK last May imposed a windfall profit tax on oil and gas producers that was raised to 35% in November, bringing total tax on the sector to 75%, one of the highest in the world.
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Source: Reuters
