Harbour Energy, a British North Sea producer, is looking to sell stakes in several North Sea oilfields, reported Reuters, citing sources familiar with the matter.
The company is also reviving plans for a US listing, joining other operators in scaling back investments ahead of an anticipated tax sector increase by the UK Government.
The government aims to use the revenue from oil and gas taxation to fund projects in the renewable energy sector.
Finance Minister Rachel Reeves is set to announce the tax hikes in the budget on 30 October.
Additionally, the government is developing environmental guidelines for oil and gas projects. Executives in the industry have raised concerns that these changes could further hinder investments in the North Sea, an area that has already experienced a significant decline in production since the late 1990s.
In a strategic shift, Harbour has also renewed its plans to acquire a US-listed company, which would facilitate the relocation of its headquarters to the US.
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By GlobalDataThis search had been put on hold when Harbour at the end of 2023 pursued the acquisition of Wintershall Dea’s non-Russian portfolio for $11bn (£8.48bn), a deal that was completed last month.
The deal enabled Harbour to diversify beyond the North Sea and more than doubled its production capacity.
Harbour has also initiated a sale process for its interests in the Armada, Everest, Lomond, Catcher and Tolmount fields, indicating a desire to minimise its North Sea exposure, according to the sources.
A spokesperson was quoted by the news agency as saying: “We are a London listed company and as long as our geographical centre of gravity is in Europe it wouldn’t really make sense to move the listing.”
Last week, Reuters reported that Japan Petroleum Exploration is considering divesting its 15% stake in the Seagull oil and gas field in the UK North Sea due to uncertainties around the UK Government’s tax policies.
