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Apache since confirmed this would lead to an unspecified number of job cuts in their UK business, as a spokeswoman said: "We are reassessing our investments, as we consider the challenging UK macro environment with its increasingly costly and burdensome tax and regulatory regime.
Apache since confirmed this would lead to an unspecified number of job cuts in their UK business, as a spokeswoman said: "We are reassessing our investments, as we consider the challenging UK macro environment with its increasingly costly and burdensome tax and regulatory regime.
Houston-based APA has already begun to scale back its operations, having dropped a drilling rig in early 2023 and stopped new drilling activities. The operator expressed concerns regarding the UK’s energy profits levy, often referred to as a windfall tax. Credit: Sherif Ashraf 22/Shutterstock. US.
APA, formerly known as Apache, will cease all production at its North Sea assets by 31 December 2029, “well ahead of what would have been an otherwise reasonable time frame", chief executive, John Christmann, said. In addition to blasting the UK’s Energy Profits Levy — otherwise known as a windfall.
Houston-based Apache has suspended drilling at its North Sea oil and gas assets and is cutting jobs, it has said, citing "burdensome" UK tax and regulation. Apache, owned by APA Corp, has been a presence in the North Sea since 2003, when it took over BP's operatorship of the Forties field area. It.
Apache Corporation operates two of the most iconic fields in the North Sea, the Beryls and Forties. The decommissioning of these assets will mark the end of an era for the North Sea oil and gas industry, as well as Apache’s remarkable journey in the basin. Apache’s production operations in the.
Apache has set out a timeframe for releasing a Diamond Offshore rig after axing a drilling contract earlier this year. APA Corporation (Nasdaq: APA), the North Sea operator’s parent company, said it plans to part company with the Ocean Patriot semi-submersible “around mid-year”. A deal for the.
count and production strategy, cost savings and efficiency improvements, Alaska exploration plans and funding, capital expenditure and spending strategy, cost savings and efficiency gains are the key contradictions discussed in Apache's latest 2025Q1 earnings call. reported significant strides in.
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6 FAQs about [Apache drilling rig with disadvantages of]
Why did Apache stop drilling in the North Sea?
However, hours after the announcement Apache, operator of the Forties oilfield for the last 20 years, said it would halt all drilling in the North Sea, blaming the “challenging UK macro environment with its increasingly costly and burdensome tax and regulatory regime”. The company confirmed that the move would lead to job losses in Aberdeen.
Is Apache drilling a 'burdening' UK tax & regulation?
Getting your Trinity Audio player ready... Houston-based Apache has suspended drilling at its North Sea oil and gas assets and is cutting jobs, it has said, citing "burdensome" UK tax and regulation. Apache, owned by APA Corp, has been a presence in the North Sea since 2003, when it took over BP's operatorship of the Forties field area.
Will Apache decommission the North Sea?
The decommissioning of these assets will mark the end of an era for the North Sea oil and gas industry, as well as Apache’s remarkable journey in the basin. Apache’s production operations in the North Sea are planned to cease by year-end 2029 and we will therefore decommission all seven platforms and 260 wells across the two fields.
Will Apache reassess its investments in the UK?
Apache since confirmed this would lead to an unspecified number of job cuts in their UK business, as a spokeswoman said: "We are reassessing our investments, as we consider the challenging UK macro environment with its increasingly costly and burdensome tax and regulatory regime.
Will Apache oil move cause job losses in Aberdeen?
The company confirmed that the move would lead to job losses in Aberdeen. Apache produces about 50,000 barrels of oil equivalent per day, according to analysts Wood Mackenzie, making it the North Sea’s ninth largest operator.
Why did Apache move to the US?
Apache’s move follows months of disquiet among producers about changes to the tax regime, with Harbour Energy, the North Sea’s largest producer warning it will shift investment to the US. The Labour party has said it will end new gas and drilling licenses in the North Sea if it wins the general election expected next year.