Two oil firms pull out of North Sea

Anger over the government’s decision to change taxation rules has led Bayerngas, a German oil drilling company, to abandon a 337 million kroner investment in the North Sea.

EWE, another German company, has also announced it was giving up its licence to explore for oil together with Bayerngas and Wintershall, a third German firm, in an area expected to contain 100 million barrels of oil.

EWE said its decision was part of a general plan to reduce its oil drilling activities.

The tax minister, Holger Nielsen, said he fully expected two other oil firms to take over the vacancies. 

Erhverv & Økonomi

SEE RELATED: Bayerngas threatens to end North Sea oil investments

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