Belfast Telegraph

Oil companies throwing the toys out of the pram

By David Elliott

Oil companies operating in the North Sea say they're considering shelving investment projects in the field because of the Government's windfall tax announced in the Budget.

What a load of sabre rattling.

Those very oil companies were operating and, more importantly, making profits in the North Sea when crude was trading at $30 a barrel 10 years ago so it doesn't take a genius to work out that they must be enjoying a bonanza at present prices of more than $100 a barrel.

While they might be threatening to leave, it's unlikely they'd want to give up something as precious as drilling rights. A one-off tax would be a drop in the ocean for the energy behemoths holding an ever-increasing stranglehold on our diminishing supply of oil.

They'll grumble but end up paying it and get on with making massive profits.