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Firm counters fears that windfall tax will stifle development by revealing £3bn project for fields west of Shetlands BP has countered oil and gas producers' warnings of a dearth of investment in the North Sea following the government's energy windfall tax by announcing a £3bn project to redevelop fields to the west of the Shetlands. The energy firm said the Schiehallion and Loyal oil fields have produced 400m barrels since 1998 and a further 450m could still be available, keeping them open until 2035 at least. The move comes despite warnings by the Oil & Gas UK lobby group that the...