Jim Ratcliffe, the founder and chairman of INEOS, expressed his concerns for the North Sea's futur. The allegation claims that Ratcliffe warned his Forties Pipeline System company that the UK government's 75 percent windfall tax on North Sea oil and gas producers would cause a decline in investment in the area.

Ratcliffe, CEO of INEOS confirmed, "They are currently witnessing several operators postponing or cancelling their investment plans as a result of the UK raising the tax take in the North Sea from 40% to 75%. "The big winners are in the U.S. where operators in the Gulf of Mexico can pay 37 percent tax and investment is at its highest level for a decade,"

The UK government's 'windfall tax' is simple-minded politics. According to Ratcliffe, the long-term effects of this "tax it to death" plan haven't been considered. In addition to the fact that new investments have poor returns and usually high tax rates, taxes are now so high that profits no longer pay future investments. According to Ratcliffe, the requirement for energy security, "means encouraging developments in their strategic energy reserves in the North Sea, not taxing it out of existence and shutting down the basin".

INEOS has a unique look into the development plans of the oil and gas operators operating in the region due to the Forties Pipeline System, which connects over 85 fields in the North Sea, However, it cautioned that "this is dependent on the basin remaining a viable oil and gas hub." It was noted that INEOS FPS is now investing up to USD1.24 billion (GBP 1 billion) in updating the network "to ensure it remains fit for purpose until the 2040s."

The EPL contained an "80 percent allowance against the levy based on investment expenditure" to retain the incentive for businesses to participate in oil and gas production and help the UK's energy security, according to the policy document. The Energy Profits Levy was set to expire, but the UK Chancellor of the Exchequer announced amendments to the tax at the Autumn Statement, including an extension until March 31, 2028. Additional adjustments included a rate rise from 25 percent to 35 percent and a decrease in the rate of the investment allowance to 29 percent for all investment expenses other than those related to decarbonization.

The chancellor also declared that, starting on January 1, 2023, qualifying investment expenditure on upstream production decarbonization will be eligible for a greater expenditure allowance of 80%, instead of the current limit of 29%. Ratcliffe stated in a company statement at the time, "INEOS is a supporter of British manufacturing and these USD1.24 billion (GBP 1 billion) investments underscores our trust in business in the UK.