Finance
Harbour Energy cuts 250 UK jobs amid operations overhaul
Published by Global Banking & Finance Review®
Posted on November 6, 2025
1 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on November 6, 2025
1 min readLast updated: January 21, 2026
Harbour Energy plans 250 UK job cuts due to the Energy Profit Levy's impact, affecting North Sea operations and future investments.
(Reuters) -North Sea-focused Harbour Energy said on Thursday a review of its UK operations has led to about 250 job cuts, as Britain's windfall tax continues to weigh on the oil and gas producer's operations.
North Sea producers have argued that the UK's Energy Profit Levy (EPL), introduced in 2022 after energy prices surged following Russia's invasion of Ukraine, has eroded profits and created uncertainty for future investments.
Harbour, the largest British North Sea oil and gas producer, said it has cut about 600 roles since the levy was introduced.
"(The reductions) align with significantly lower anticipated UK investment, driven by the continued punitive domestic fiscal regime," the company said in a statement.
Separately, the company narrowed its 2025 production guidance upward to 465,000-475,000 barrels of oil equivalent per day (boepd), compared with its earlier projection of 460,000-475,000 boepd.
(Reporting by Ankita Bora and Yamini Kalia; Editing by Sumana Nandy)
Corporate profit is the financial gain that a company makes after all expenses and taxes have been subtracted from its total revenue.
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