Sir Ian Wood, one of the most influential figures in the oil and gas industry, has warned that investment will be at risk from a windfall tax.
The tax comes into effect immediately, and will be legislated for via a standalone Bill to be introduced shortly.
The levy also includes a measure to boost investment, “so the more a company invests, the less tax they will pay”.
However, Sir Ian said the tax will have an adverse impact on investment - and urged the Scottish and UK governments to back the North East Scotland Green Freeport bid to stimulate investment.
“We are all deeply concerned at the distressing circumstances facing many UK consumers but it should be remembered that oil and gas revenues will this year contribute £7.8 billion in UK taxes, money clearly available to help offset the consumer crisis while not undermining crucial investor confidence for further oil and gas developments," he said.
"A one-off windfall tax – an additional 25% tax hike – is a very significant increase and will undoubtedly result in some projects being shelved as well as reducing investor confidence in the oil and gas industry.
"This will have implications for security of oil and gas supplies into the UK. Also our oil and gas activities are definitely having a positive impact on developing the new energies and slowing these down right now will have an adverse effect on meeting net zero targets.
"Many European countries are facing energy shortages and the risk of energy rationing, and our offshore resources, oil, gas and offshore wind, are helping protect us from similar crises. They boost our energy security as well as the Exchequer.
“Also, experience is not good with significant tax increases offshore. Previous offshore windfall taxes have been succeeded by a drop off in investment and an urgent call to reintroduce stability in the long term. It must also be remembered that the industry and supply chain support 195,000 workers across the UK whose skills are also going to be essential in building the low carbon renewable energy systems alongside oil and gas developments to take us to net zero.
“This is a blunt short-term response which could undermine the levers to long term solutions. Given this policy decision is now being imposed, and that the North East of Scotland is home to many of the companies impacted, I strongly urge the UK and Scottish Governments to back the North East Scotland Green Freeport in order to stimulate future investment in energy transition, securing economic growth and thousands of jobs."