North Sea is a 'very good basin with lots of oil and gas' but has been 'extremely poorly managed', says Sir Jim Ratcliffe

There is still “lots of oil and gas” in the North Sea but poor Government management has scared off investors, industrialist Sir Jim Ratcliffe said. The billionaire boss of chemical giant INEOS and co-owner of Manchester United said the North Sea was a “very good basin” that had been “extremely poorly managed by the Government”. The energy profits levy, or windfall tax, was one stumbling block, he said. Initially introduced by the Tories and maintained under Labour, it sees firms face a headline rate of 78 per cent of profits. It is due to be replaced in 2030, although industry leaders have called for it to end earlier. TRENDING Stories Videos Your Say Sir Jim said that, even if it lifted tomorrow, investors would be wary...

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