09:36 AM EDT, 10/03/2024 (MT Newswires) -- TotalEnergies (TTE) chief executive officer Patrick Pouyanne said Wednesday that the French energy giant will be "selective" with capital expenditures in the UK and may restructure its North Sea operations if the country imposes a higher windfall tax on oil and gas producers.

The UK government announced plans in July to increase its energy profits levy to 38% from 35% starting Nov. 1 and extending the levy until March 31, 2030.

Pouyanne said the looming tax increase will "clearly" impact its investments in the country, noting that "production in the UK North Sea will diminish quickly" without incentives to invest. The CEO said the company is waiting for an Oct. 30 speech from the UK Prime Minister or the Chancellor regarding the matter.

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