General – Cut Jobs
Oil and gas producer Harbour Energy is set to cut 250 jobs, approximately a quarter of the workforce at its UK unit based in Aberdeen.
Harbour, the largest British North Sea oil and gas producer, said the cuts were necessary because of lower investment as a result of the UK government’s policies towards the North Sea fossil fuel industry.
Harbour’s cut is the latest blow for Scotland’s oil and gas industry. Last week, UK-Chinese joint venture Petroineos confirmed the end of crude oil processing at the century-old Grangemouth Refinery as it transitions to a fuels import terminal – a move that will cost 400 jobs.
Harbour, which fell to a loss of 93 million pounds ($124.3 million) in 2024 from a net profit of 45 million pounds in 2023, has previously urged the UK government to reform its windfall tax before current levies run out in 2030.
The UK government increased its windfall tax on North Sea oil and gas producers to 38% from 35% last October, making the headline tax on the sector one of the highest in the world at 78%.
