Rishi Sunak has announced a multibillion-pound windfall tax on oil and gas, which the industry has slammed as sending "shockwaves" on jobs, investment and communities.
The chief executive of Shell has addressed whether the prospect of a North Sea windfall tax would damage the case for its planned £25bn investment in the UK.
The UK Government has announced plans for regulatory “accelerators" which it claimed could shave "years off” development time for new oil and gas projects in the North Sea.
Shell chief executive Ben van Beurden says a windfall tax on the profits of North Sea companies is unlikely to ease the problems caused by lofty gas prices.
A group of campaigners will see their day in court as they challenge the UK government over its plans for continued North Sea oil recovery, which they allege are in conflict with the country’s net zero goals.
Risks to marine life, including protected deep sea sponges and 400-year-old clams, have been “down played” by the operator of the Cambo oil field, according to environmental groups.