Industry reports and analyses from credible sources such as the International Energy Agency

Trump Criticizes UK's Windfall Tax Increase, Citing Apache's Exit; Urges 'Open Up North Sea,' 'Get Rid of Windmills'

Jan 3, 2025, 11:02 AM

US President-elect Donald Trump has criticized the UK's windfall tax increase on North Sea oil and gas producers from 35% to 38%, calling it 'a very big mistake' and urging the country to "open up the North Sea" and "get rid of windmills". Trump's remarks, posted on his social media platform Truth Social on Friday, come after US oil company APA Corporation (formerly Apache) announced plans to exit the North Sea by 2029, with production expected to drop 20% in 2025 due to uneconomic operations caused by increased costs and regulations. Britain's Labour government, led by Prime Minister Keir Starmer, aims to decarbonize by 2030, planning to end all new drilling in the North Sea and expand offshore wind energy projects despite investment challenges. Trump's call to bolster fossil fuel production puts him at odds with the UK's commitment to renewable energy and climate goals.