TotalEnergies CEO Patrick Pouyanne has said the company will curb its investments in the UK and restructure its operations in the North Sea if the government increases a windfall tax, Sarah White and Rachel Millard of The Financial Times reports. “I’m taking this very seriously because clearly we’ll be very selective on any capex we spend in the UK and clearly looking seriously at ways to restructure operations,” Pouyanne said, according to the Times. Many other executives in the sector have similarly warned that Labour’s plans will cut investment in the UK North Sea.
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