UK finance minister Hunt to attend meeting with North Sea execs -sources

Hunt last month announced plans to boost the Energy Profits Levy (EPL) on oil and gas companies from 25% to 35%, bringing the total taxes on the sector to 75%, one of the highest rates in the world. Friday's meeting, which will be held in either Aberdeen or Edinburgh, will be attended by senior representatives from more than a dozen North Sea producers as well as industry bodies, according to a list seen by Reuters.

British finance minister Jeremy Hunt will attend a meeting on Friday with leaders of North Sea oil and gas producers to discuss the government's windfall tax, three industry sources told Reuters on Wednesday. Hunt last month announced plans to boost the Energy Profits Levy (EPL) on oil and gas companies from 25% to 35%, bringing the total taxes on the sector to 75%, one of the highest rates in the world.

Friday's meeting, which will be held in either Aberdeen or Edinburgh, will be attended by senior representatives from more than a dozen North Sea producers as well as industry bodies, according to a list seen by Reuters. Hunt is also expected to attend the meeting, along with senior officials from the Department for Business, Energy and Industrial Strategy (BEIS).

Britain's finance ministry did not immediately respond to a request for comment by email. Oil and gas industry executives warned that the new tax risked a flight of capital from the ageing basin at a time when the government is trying to increase Britain's energy security.

Executives have urged the government to introduce a price floor to the EPL to allow stable investments.