The boss of one of the UK’s top independent oil and gas producers has warned that windfall taxes have left Britain second only to being in a “war zone” for planning future investment.
David Latin, chairman of Serica Energy, told shareholders that the company was “looking very actively overseas” for opportunities as recent and potential future increases in levies made growth increasingly difficult.
“Other than when I was responsible for a company which had significant assets in a war zone, I have never encountered a situation which was so challenging when it comes to making investment decisions, and planning for the future more generally, as it is in the UK at present,” Latin said at the company’s annual general meeting.
Serica was one of three