Neptune Energy expects ยฃ53m 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.
Neptune Energy has become the latest North Sea operator to forecast its windfall tax hit ahead of the Spring Budget tomorrow.
Aberdeen business leaders called for a revised city region deal and for the UKโs energy department to be moved to the north east, in a series of asks ahead of the Chancellorโs Spring Budget on Wednesday.
Harbour said the windfall tax has โextinguishedโ profits โ but the firm, which is cutting jobs, still announced $300m of shareholder dividends and buybacks today.
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.
โWhen you read about companies not investing, those are real people that are losing their jobs, that is hundreds of jobs being lost,โ said OEUK chief David Whitehouse.
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.
North Sea minnow Ping Petroleum has criticised the UK government's windfall tax and decried "out of alignment" regulators overseeing the industry.
The UKโs offshore trade body said that the governmentโs energy transition ambitions do not match up with the โunpredictableโ fiscal policies surrounding oil and gas.
Tax revenues from the countryโs oil and gas sector will fall as fossil fuel prices drop, the UK government expects, restricting Chancellor Jeremy Huntโs spending power in the budget next month.
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.
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.
Meanwhile OEUK accuses Labour of โmisrepresentingโ oil firms earnings in the UK tax system.
Post-Brexit paperwork, a lack of North Sea projects and a shortage of talent are putting mounting pressure on the UKโs energy supply chain, according to Offshore Energies UK (OEUK).
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.
Concerns have been raised about the unintended consequences of the UK Governmentโs subsidy for electrifying oil and gas platforms.
The windfall tax on North Sea oil and gas producers raised nearly 25% less than expected for Treasury coffers last month.
More than three-quarters of Scots support domestic North Sea production, a survey has found, despite political moves which could harm the sector.
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.
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 companyโs North Sea strategy.
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.
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 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.
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.
A new Select Committee report voices โsignificant reservationsโ over the structure of investment allowances offered to oil and gas firms under the Energy Profits Levy (EPL).
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.