Belfast Telegraph

Chevron warning over coalition profits raid

Oil giant Chevron has warned there may be "unintended consequences" from the Government's £2bn raid on profits of North Sea oil and gas companies. John Watson, chairman and chief executive of Chevron - America's second-largest oil company - told the Financial Times the move to raise the levy on the firms in order to fund a cut in fuel duty was "disappointing". George Osborne's Budget decision to increase the supplementary oil and gas levy by 12% has drawn a furious response from the industry.