The UK may be quietly inching toward an awkward admission: the windfall tax experiment on oil and gas has been a flop. The Treasury is holding talks with North Sea oil and gas producers about potentially scrapping the Energy Profits Levy before its scheduled 2030 expiry, according to people familiar with the discussions. After multiple extensions and rate hikes, the levy has pushed the sector’s headline tax burden to 78% — a level producers argue borders on confiscatory, and a level critics argue borders on ridiculosity. The EPL was…