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Trump advocates for North Sea development and calls for removal of wind turbines

share-iconFriday, January 03 comment-icon2 weeks ago 5 views
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reutersREUTERS
Trump advocates for North Sea development and calls for removal of wind turbines

Credited from: REUTERS

  • Donald Trump called for the North Sea to be "opened up" and for the removal of windmills in a recent social media post.
  • His comments follow reports of APA Corp's plans to exit the North Sea by 2029, anticipating a 20% production drop in 2025.
  • The UK government is increasing the windfall tax on oil producers to fund renewable energy projects, which may deter investment.
  • Producers fear the tax hike could contribute to their exit from the ageing North Sea, with Harbour Energy and Exxon already making moves to leave.
  • Investments in offshore wind have also faced challenges due to rising costs and supply chain issues, prompting reviews of financial commitments.

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