Apache Energy announced its decision to withdraw all operations from the North Sea by 2029, attributing the move to the recently increased windfall tax on oil and gas profits. The firm stated that the tax’s rise to 38% and extension to 2030 has rendered production unfeasible. Initially introduced in 2022 to address rising energy prices, the Energy Profits Levy now imposes a total tax rate of 78% on companies. Apache plans to prioritize the safe decommissioning of its assets as it shifts focus away from the North Sea.