Neptune Energy expects £53m windfall tax hit as budget looms
Neptune Energy has become the latest North Sea operator to forecast its windfall tax hit ahead of the Spring Budget tomorrow.
Energy Profits Levy (EPL)
Move Net Zero Department to Aberdeen, Chamber asks Hunt
Aberdeen business leaders called for a revised city region deal and for the UK’s energy department to be moved to the north east, in a series of asks ahead of the Chancellor’s Spring Budget on Wednesday.
Harbour Energy sees profits ‘wiped out’ by windfall tax
Harbour said the windfall tax has “extinguished” profits – but the firm, which is cutting jobs, still announced $300m of shareholder dividends and buybacks today.
North Sea windfall tax could hit Ithaca’s Cambo FID timeline, according to reports
The UK's fiscal landscape means a final investment decision (FID) on the controversial West of Shetland Cambo project could be kicked down the road.
Windfall Tax: Over 90% of North Sea producers have cut spending
“When you read about companies not investing, those are real people that are losing their jobs, that is hundreds of jobs being lost,” said OEUK chief David Whitehouse.
Apache parent triples profits despite North Sea snub
Apache parent APA Corp posted a threefold increase in profits in its full-year 2022 results, which show the North Sea continues to be a cash cow.
Ping Petroleum decries windfall tax and ‘out of alignment’ regulators
North Sea minnow Ping Petroleum has criticised the UK government's windfall tax and decried "out of alignment" regulators overseeing the industry.
‘Massive disconnect’ between transition policy and fiscal system, says OEUK
The UK’s offshore trade body said that the government’s energy transition ambitions do not match up with the ‘unpredictable’ fiscal policies surrounding oil and gas.
UK tax take expected to fall £12.7 billion on low gas prices
Tax revenues from the country’s oil and gas sector will fall as fossil fuel prices drop, the UK government expects, restricting Chancellor Jeremy Hunt’s spending power in the budget next month.
Downstream props up TotalEnergies’ profit machine
The French supermajor said it expected to pay $400 million under the UK Energy Profits Levy (EPL) in the fourth quarter, bringing the full-year impact of the windfall tax to an expected $1bn.
‘Once those units go away, they won’t come back’: Drilling contractors head to Westminster in plea for North Sea stability
Drilling contractors will head to Westminster on Wednesday to make the case for stable and continued investment in the North Sea, lest the basin face an exodus of vital equipment and skills.
Miliband: ‘We’re going to carry on using North Sea oil under Labour’
Meanwhile OEUK accuses Labour of “misrepresenting” oil firms earnings in the UK tax system.
Energy supply chain firms ‘in crisis’, warns OEUK
Post-Brexit paperwork, a lack of North Sea projects and a shortage of talent are putting mounting pressure on the UK’s energy supply chain, according to Offshore Energies UK (OEUK).
Norwegian tax incentives help drive $43bn of new investment
24 Norwegian oil and gas projects were green lit in 2022, marking a record-breaking year for project approvals, according to data from Rystad Energy.
Fears windfall tax subsidy could distort North Sea electrification process
Concerns have been raised about the unintended consequences of the UK Government’s subsidy for electrifying oil and gas platforms.
North Sea windfall tax raises 25% less than expected in December
The windfall tax on North Sea oil and gas producers raised nearly 25% less than expected for Treasury coffers last month.
Whopping 76% of Scots want North Sea production despite energy plan
More than three-quarters of Scots support domestic North Sea production, a survey has found, despite political moves which could harm the sector.
Benriach to spud in Q2, Kistos confirms
Kistos (AIM:KIST) has confirmed plans by TotalEnergies to spud its much-anticipated Benriach well in Q2 of 2023, while a final decision on Glendronach is to be further delayed.
Rosebank needed for UK energy security: Equinor boss
Equinor chief executive Anders Opedal said Rosebank will be needed to shore up UK energy security, and that recent windfall tax measures had not affected the company’s North Sea strategy.
Government challenged over ‘gas giveaway’ incentives, Rosebank support
MPs challenged the government over its energy efficiency performance and the continued licensing of new oil and gas fields, while a government minister reiterated a continued need for fossil fuels.
Cambo: A year since Shell decided not to invest
Its more than a year since Shell (LON: SHEL) said it wouldn't invest in the Cambo oilfield, but as the project approaches a green light, the firm is weighing whether to stick or sell up its stake.
Orcadian eyes INTOG, farm-out progress at Pilot in 2023
Orcadian Energy will look to the INTOG offshore leasing round to help progress its flagship Pilot development, chief executive Steve Brown said, as the firm looks to make headway in 2023.
Shell expects $2bn hit from UK and EU windfall tax
Windfall tax measures in the UK and EU are expected to see Shell (LON: SHEL) take on a $2bn liability during Q4, the energy giant has said.
MPs take aim at ‘perverse’ windfall tax incentives
A new Select Committee report voices “significant reservations” over the structure of investment allowances offered to oil and gas firms under the Energy Profits Levy (EPL).
Select Committee calls for ‘clear date’ to end new oil licensing
A parliamentary committee has pressed the UK government to set a clear date for ending new oil and gas licensing rounds in a bid to show international climate leadership.