Harbour Energy, the UK’s largest producer, has embarked on a strategic review that should translate to savings of upwards of $40 million per year from 2024, however the corporate streamlining and synergising will come with inevitable job losses, with the UK likely to bear the brunt of these.
Being hit with the UK’s windfall tax, the Energy Profits Levy (EPL), saw Harbour’s 2022 after-tax profit slashed by 90% versus the previous year to just $8 million and is behind the company’s decision to scale back operations and investments in the UK and the move will certainly contribute to the reduction in headcount.
