Oil Giant Totalenergies To Cut North Sea Investment Over Windfall Tax

French oil giant TotalEnergies says it will cut North Sea investment by 25% next year after the windfall tax on oil and gas firms in the UK was extended. <br />The company will cut £100m of spending on new wells in the region. <br />The windfall tax - the Energy Profits Levy - was raised from 25% to 35% in last month's Autumn Statement and will now stay in place until March 2028. <br />The government says the levy strikes a balance between funding cost of living support while encouraging investment. <br />A Treasury spokesperson says they have been clear that we want to encourage reinvestment of the sector's profits to support the economy, jobs, and our energy security, which is why the more investment a firm makes into the UK, the less tax they will pay.