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.
windfall tax
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.
‘Disappointing’ lack of wells risks early North Sea decline, warns NSTA
Assets are at risk of being shut down early, says the regulator, as the number of wells drilled drops.
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.
Harbour Energy: North Sea’s top producer completes Aberdeen restructuring
Harbour Energy (LON: HBR), the UK North Sea's top oil and gas producer, has emerged from its restructuring process, capped with changes of its leadership team.
Gordon Brown: States that profited from oil surge should pay global windfall
States which banked "staggering" profits from the high price of oil last year should pay a global windfall levy to help poorer nations in the fight against climate change, former prime minister Gordon Brown has said.
Serica Energy balances buoyant results with ‘wholly unwelcome’ windfall tax
Serica reported a large increase to pre-tax profits but lambasted the “burden” of the UK windfall tax on the wider industry.
£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.
TotalEnergies weighs up West of Shetland FIDs
TotalEnergies is weighing up its projects for FID (final investment decision) in the West of Shetland, but the uncertain fiscal regime in the UK may have an impact.
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.
‘There are no windfall profits in the industry at the moment’, says Ithaca chairman
A number of the UK’s biggest operators have axed projects or scaled back spending in response to the levy, and “Ithaca is not immune to that”.
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.
North Sea chief calls for ‘fair access’ to finance for oil firms ahead of govt summit
His comments come ahead of a rumoured government summit dedicated to reversing the flight of capital from the North Sea.
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.
BP results: How much did it earn and how much windfall tax did it pay?
Energy giant BP (LON: BP) has unveiled its second quarter results, reporting net profits of $2.58bn and providing an outline of its UK windfall tax payments.
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.
North-east Tory MP ‘followed prevailing rules’ over wife’s BP shares
David Duguid, who represents Banff and Buchan, has spoken out in parliament against windfall taxes on energy companies such as BP.
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.
Windfall tax price floor ‘could have wildly different bearings’ on North Sea players
"Most projects would benefit if the EPL is removed, but long-lead time projects could look worse."
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.
Exclusive: Apache cuts dozens of Aberdeen jobs as workers slam ‘political decision’
Apache has suspended all North Sea drilling amid a "burdensome tax and regulatory regime", but workers say the firm is still making a "chunk of cash" from the region.
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.