Energy Profits Levy

The UK government has initiated a public consultation to develop a new tax mechanism aimed at providing a predictable fiscal response to future oil and gas price shocks, writes Jake Landman. The consultation is part of the government’s broader strategy regarding the future of the North Sea. It

Harbour Energy's shares experienced a sharp decline on Thursday, falling by over 10%, following the announcement of an annual loss.

The UK government has today launched a two-month consultation to develop a phased transition plan for the North Sea energy sector, focusing on utilising existing infrastructure for new technologies like hydrogen, carbon capture, and renewables. As part of the plan the UK government has backed new in

Aberdeen & Grampian Chamber of Commerce has called on the UK government to reduce the 78% tax burden on North Sea oil and gas producers as a key first step towards greater domestic energy security. The call comes as the USA announced its intentions to impose sweeping tariffs on imports from Mexi

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.