Gryphon FPSO shutdown accelerates North Sea oil and gas decline

French oil major, TotalEnergies, has proceeded with plans to shut down its FPSO, Gryphon, in the North Sea.Decommissioning of the Gryphon, the first purpose-built FPSO installed on its North Sea site in 1993, had been planned by TotalEnergies since 2023. However, those in opposition to the move, notably Nobel Upstream which owns two oil fields tied back to the FPSO, have blamed the North Sea windfall tax, officially the Energy Profits Levy, first introduced by the UK Government in May 2022.From 25%, the windfall tax has climbed steadily and now...Read the full article >here<