Serica boss David Latin yesterday launched a blistering attack on the UK government's handling of the North Sea at the company's AGM.
The company chair the energy sector was navigating a "challenging political environment which lacks the consistency and clarity that our North Sea industry so badly needs and deserves".
He told Serica's AGM: "Given the unstable environment in which we are operating, discipline is the key word.
"As you may have noticed, our recent actions demonstrate that we will remain disciplined when it comes to mergers and acquisitions - any acquisition has to pass a high bar, and we need to be certain that it would give a clearer route to building shareholder value than Serica could achieve as a standalone company.
"Given current market volatility this can be challenging, but we have a fantastic team in place who continually assess the numerous opportunities available to us.
"Of course, committing to invest in such growth opportunities will only be possible with an appropriate regulatory and fiscal environment.
"It is absolutely vital for the future of the UK North Sea that the outcome of the current government consultations is resolved quickly and in a manner that supports a homegrown industry with the potential to deliver significant benefits to the UK for many years to come."
Mr Latin warned the current setup and uncertainty was already leading to firm abandoning the region, with the loss of jobs and tax receipts - but no reduction in demand, forcing the UK to turn to imports at a greater cost both to the purse and the environment.
He said: The impact of the inappropriate fiscal environment, and the years of uncertainty, is already taking a heavy toll.
"Production across the basin fell 5% in 2024, drilling activity is at a record low, 10,000 jobs have been lost, and companies continue to exit the UK North Sea.
"All of this will reduce tax receipts going forward and, given demand which will not go away any time soon, lost production will have to be imported - imports which are worse for the environment since they involve significantly increased emissions.
"Current commodity prices very clearly do not represent windfall conditions, and the tax rate of 78% is entirely inappropriate at a time when the government should be doing everything in its power to boost vital energy security and to support economic growth.
'This has a triple bottom line of being bad for jobs, bad for communities, and bad for the economy'
"It is so very frustrating to see the UK North Sea industry becoming embroiled in a wrongly polarised discussion about Net Zero.
"The reality is the UK needs oil and gas and renewables, it is not either/or, and we should be investing at pace in all forms of energy.
"However quickly the UK proceeds with its transition to an increased share of renewables in the mix, we will require oil and gas for decades to come.
"North Sea production does not just provide vital domestic energy, it also is the lifeblood for a world class domestic supply chain which includes the very same companies needed to deliver energy transition projects."
The Serica boss went on: "The Climate Change Committee's energy transition pathway to net zero in 2050 estimates that the UK will need between 13 and 15 billion barrels of oil equivalent between now and then.
"Our homegrown oil and gas industry could deliver roughly half of this amount - which is materially more than the estimates which accompany the recent consultation document from the Department of Energy Security and Net Zero ('DESNZ').
"Delivering on this potential would also bring an economic benefit of £350billion.
'there are receptive ears in some parts of government'
"The demand is not going to go away, and making the fiscal and regulatory environment impossible for homegrown oil and gas simply increases the amount that we will need to import. This has a triple bottom line of being bad for jobs, bad for communities, and bad for the economy.
"It is also very clearly worse for the environment, given that the UK North Sea emissions are an average of one quarter those of high emission imports - with new fields one fifteenth the emissions of LNG imports. All of the facts suggest that our industry should be supported by the government.
"The retention of first year investment allowances in the Autumn Budget indicated that there are receptive ears in some parts of government, and that people are looking at the facts and not being swayed by an increasingly irrational debate. This is encouraging. Less so is the absence of a government response to the consultation about environmental guidance which closed in early January. When such lack of clarity is added to the uncertainties about licensing and the future tax price mechanism, the result is stalled investment and erosion our world class supply chain capability."