Opposition continues to mount against the imposition by European and UK governments of massive windfall taxes on oil producers.
US energy giant ExxonMobil is now suing the European Union in a bid to stop the swoop on its profits.
It has accused Brussels of exceeding its legal authority, calling the measure "counter-productive".
Exxon reported quarterly profits of almost £17.3billion in October.
The company, along with other major players in the oil sector, has argued that a crackdown on profits would discourage investment.
In September, European Commission chief Ursula von der Leyen announced an emergency plan for major oil, gas and coal companies to pay a "crisis contribution" of an extra 33% tax on their increased profits.
'Undermines confidence'
Exxon also argues that the levy undermines investor confidence, in a challenge filed at the EU's Luxembourg-based General Court.
"Whether we invest here primarily depends on how attractive and globally competitive Europe will be," said Exxon spokesperson Casey Norton.
In an investor meeting last month, Exxon's chief financial officer estimated that the EU tax would cost the group over £1.6billion by the end of 2023.
The company has invested £2.4billion in the past decade in refinery projects in Europe.
The BBC reports that the European Commission has taken note of Exxon's lawsuit. A spokeswoman said it would now be up to the General Court to rule on the case.
'Fully compliant'
"The Commission maintains that the measures in question are fully compliant with EU law," Arianna Podesta said.
The EU is largely trying to wean itself off Russian energy in the wake of the invasion of Ukraine, but that has left it scrambling for alternative sources.
EU ministers estimate that they can raise £123billion from the levies on non-gas electricity producers and suppliers making larger-than-usual profits from current levels of demand.
- Just last month, the Association of British Independent Exploration Companies (Brindex) revealed that many of its members were thinking again on 2023 spending due to the UK's new windfall tax on oil and gas producers.
Chairman Robin Allan said he was "not surprised" to see revisions as firms can no longer "safely plan on fiscal stability".
The comments came after leading producer Harbour Energy said would shun the UK's ongoing licensing round in the sector due to the controversial levy.
Meanwhile, oil major TotalEnergies has said it will cut £100million from its 2023 spending plan due to the tax grab.
Pressure continues to mount on the UK Chancellor for a rethink on the severity of his tax changes.
Jeremy Hunt has hiked the energy profits levy (EPL) by another 10% to 35% - bringing the overall tax rate from this month to an eye-watering 75%.
He has also extended the lifespan of the EPL until March 2028 from the previous date at the end of 2025.
The EPL is now expected to raise a total of £40billion - double the previous figure of £20billion. The total tax take from producers operators in British waters in the next six years will hit a staggering £80billion.
Tory MPs have already warned the chancellor that the windfall levy must be watered down to avoid industry collapse.