Autumn statement signals ‘big change’ for UK oil and gas decom taxation, expert says
Treasury documents released last week could spell good news for North Sea decommissioning and CCUS investment, but tax uncertainty remains.
Energy Profits Levy (EPL)
UK government plans new oil and gas ‘price shock’ tax mechanism post-EPL
The UK government is planning for the introduction of a new tax mechanism for North Sea oil and gas operators following the scheduled end of the windfall tax in 2028
Shell paid net UK taxes for first time in years on windfall levy
Without the government’s new Energy Profits Levy, Shell said it wouldn’t have had to pay corporate tax in the UK.
Autumn Statement: Energy leaders seek fix for ‘uninvestible’ North Sea
While support for new North Sea oil and gas has been welcomed, the energy sector has called for a drop in windfall taxes and greater incentives for low-carbon investment ahead of the Chancellor’s impending budget.
AGCC calls for independent body to govern UK net zero and energy security plans
Aberdeen and Grampian Chamber of Commerce has called for a new body independent of government to be set up to oversee UK energy security and the transition to net zero.
Windfall tax blamed for collapse of United-Quattro North Sea licence deal
United Oil & Gas (LON: UOG) has terminated an asset purchase agreement with Quattro Energy for the conditional sale of a North Sea licence.
Viaro Energy: The moot point of the UK windfall tax
The “reactionary” windfall tax is harming net zero, deals and production, warns Viaro Energy CEO Francesco Mazzagatti.
Decommissioning in the North Sea: Challenge vs Opportunity
The most recent Decommissioning Cost and Performance Report published by the North Sea Transition Authority (“NSTA”) on 9 August 2023 showed that the total cost estimate for decommissioning remaining oil and gas infrastructure on the UK Continental Shelf ("UKCS") is over £40 billion.
‘Lack of opportunity’ in UK sees Serica eye Norway re-entry
Serica Energy is in discussions over several deals in Norway and Europe, as CEO Mitch Flegg lamented a “lack of opportunity” in the North Sea as a result of the windfall tax.
UK political parties are united in long term transition approach, Offshore Europe hears
This year has seen the UK’s political parties go toe to toe in the debate surrounding energy transition, however, OEUK’s Jenny Stanning asks are party views “really that different?”.
£100bn of North Sea projects held up as production hits 30-year low
Around £100 billion of North Sea projects are being held up over political uncertainty – while UK oil production hit its lowest in nearly 30 years.
EnQuest takes first half loss, calls for government action
"The UK's oil and gas sector faces significant challenges and loss of competitiveness due to uncertainty following the adverse changes to the fiscal regime,” said EnQuest CEO Amjad Bseisu.
Harbour Energy calls for CCS investment incentive amid windfall tax woes
Harbour Energy (LON: HBR) chief executive Linda Cook told investors that her firm will lobby government to include carbon capture and storage (CCS) spending in windfall tax allowances.
Harbour Energy: North Sea’s largest producer falls to post-tax loss
Shares in Harbour Energy (LON: HBR) dipped this morning as the North Sea’s largest producer reported an $8m loss after tax.
Ithaca Energy warns of project cancellations as windfall tax ‘dampens’ investment
Ithaca says its production will drop next year as the EPL causes project deferrals or cancellations for 2023 and 2024.
GERS: EPL sees North Sea tax revenues reach ‘highest level ever’
Business leaders urge change in ScotGov policy as oil and gas helps cut deficit in GERS figures.
UK government launches call for evidence for oil and gas fiscal regime
The UK government is launching a review of its oil and gas fiscal regime and has launched a call for evidence.
Exclusive: Apache plans end to giant Forties oilfield with £200m spending cut
Apache has brought forward plans to end Forties, a foundation of North Sea production since the 70s, by 11 years.
BP report shows UK jobs returning to pre-Covid levels
Having made 7,500 cuts across the globe in 2020, figures published by the oil giant show UK numbers have nearly recovered to pre-pandemic levels.
Apache sale ‘likely’, NSTA not expected to force change of operator
The regulator is not expected to use its ultimate sanctioning powers here - even if licensing rules have been breached.
‘Question mark’ over North Sea investments despite EPL floor, say energy experts
While a ‘price floor’ in the North Sea windfall tax has been welcomed, north-east energy experts questioned whether it's enough to spur new investment.
Green energy chiefs stew over lack of changes to renewables windfall tax
There are claims that a lack of change to the renewables windfall tax is undermining the UK’s claim to be a leader in green energy.
North Sea independents call for govt to go further and scrap EPL before 2028
A group of North Sea firms is urging the UK Government to drop the curtain on the windfall tax ahead of the current schedule.
Windfall Tax price floor: What difference will it make to the North Sea?
While it’s not a panacea - and may never actually kick into force - the windfall tax price floor could help with financing the $5bn of North Sea projects awaiting FID.
Windfall tax to be dropped if oil and gas prices fall to ‘historically normal levels’
A welcomed move from industry, but projections show the price floor is unlikely to kick in before the tax is due to end in March 2028.