The Texas oil and natural gas industry paid a record $24.7 billion in taxes and royalties last year, far exceeding the previous annual high of $16 billion set in 2019, according to the Texas Oil and Gas Association.
Vladimir Putin’s government is considering shifting the burden of oil taxes from the point of export to the point of extraction, a move that would eliminate the benefit of duty-free supplies enjoyed by neighboring Belarus and Kazakhstan, according to two officials familiar with the matter.
The UK government is on a mission to maximise economic oil and gas recovery from the UK Continental Shelf (UKCS) as higher development costs for aging oil and gas fields, depressed global oil prices and projections of slower global economic growth put even more pressure on the industry.
Scotland’s First Minister has called on the UK Government to lower taxes on the oil and gas industry in the forthcoming March Budget.
Nicola Sturgeon said Chancellor George Osborne should take “urgent action” to protect jobs in the North Sea as she convened a special session of the Scottish Cabinet in Edinburgh.
Ms Sturgeon said Finance Secretary John Swinney would seek an urgent meeting with the Chancellor to set out the Scottish Government’s view.