Britain said on Friday a windfall tax on oil and gas producers would run until 2028 but the 75% level would almost half if prices returned to normal levels for sometime, in a move the government hopes will boost energy security.
Britain introduced its energy profits levy in May last year, two months after the jump in energy prices which resulted from Russia's invasion of Ukraine, but the industry has warned the high tax level could hurt output in the long term.
Without the changes, the government said the future of its supply of oil and gas from the North Sea would be at risk, making the country more reliant on imported energy.
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