Energy Profits Levy

US oil company Apache has announced its intention to cease oil production in the UK North Sea by 2030. The decision comes as a direct response to the UK government's increased windfall tax on energy producers, which Apache deems makes continued investment in the region uneconomical.

As we approach the Autumn Budget, the energy sector faces significant challenges, and the stakes for the North Sea industry have never been higher, writes Mark Brown. Recent developments surrounding the UK government's fiscal policies, particularly the Energy Profits Levy (EPL), have stirred deep co

Norwegian oil company Neo Energy has announced a significant slowdown in investment across its portfolio, including the Buchan Horst oilfield in the North Sea. The project's joint venture partners are Serica Energy and Jersey Oil & Gas, owning 30% and 20% respectively.

The UK government’s proposed fiscal policy would generate a loss in economic value of around £13 billion compared to the economic contribution generated under the current windfall tax regime, according to Offshore Energies UK (OEUK). The energy trade body has released

EY has identified the Energy Profits Levy as a hindrance to investment, leading Aberdeen to experience the slowest economic growth in the UK, with an anticipated average GVA growth rate of 0.8% from 2024 to 2027.

In response to persistent advocacy by the Aberdeen & Grampian Chamber of Commerce, the UK government has announced changes to the windfall tax, slated to take effect from April.

Shell has announced that it will face a $2 billion (£1.7bn) liability in the fourth quarter of this year due to windfall tax measures in the UK and EU.