Ineos Energy boss Brian Gilvary has warned that the continuation of the Energy Profits Levy is putting jobs and the UK's energy security at risk.
Brian Gilvary accused the UK government of "leading by ideology without debate or logic" in a strongly worded piece he penned for The Times.
He warned the tax policy, which leaves oil and gas firms facing a staggering headline tax rate of 78%, will expose Britain to price volatility and global supply shocks while putting thousands of skilled jobs on the line.
He highlighted that hindering domestic production does nothing to lessen demand and forces far more costly and environmentally damaging imports to soar instead, with none of the job and tax receipt benefits.
Mr Gilvary wrote: “Blocking new production simply hands jobs, investment and taxes to foreign producers while we still pay global prices for energy,"
A spokeswoman for the Treasury said: “We know that oil and gas will be with us for decades to come and we value the North Sea’s skilled workforce, which is why we have also announced a new permanent windfall tax to replace the EPL when it ends. This gives the sector and its investors the long-term certainty and predictability they need to plan their investments and support jobs.”