Oil industry leaders have said the “ball is in the Chancellor’s court” to now address their concerns ahead of key windfall tax legislation being published next month.
Oil and gas industry executives will seek clarity on three key points from Chancellor Rishi Sunak in a high-level meeting about the windfall tax in Aberdeen on Thursday.
Harbour Energy (LON: HBR) has launched a $200m share buyback scheme, a move which could boost investor confidence following a windfall tax hit last month.
Shell intends to grow its share of UK oil and gas supplies and invest £100m in skills to support 15,000 energy transition jobs by 2030 as part of its £25 billion investment plans.
Kwasi Kwarteng has paid a visit to a major Shell conference hailing the firm’s UK spending plans, two weeks after the government announced a windfall tax on the industry.
The head of the newly merged Woodside Energy Group said the UK government’s windfall tax is a “red flag” that suggests potential investments in the North Sea carry more risk.
Serica Energy has pressed the importance of stable fiscal policy after news of the UK Government’s windfall tax knocked around 20% off the company’s share price.
The UK Government’s decision to impose a windfall tax on industry is disappointing and presents challenges to a sector that is focussed on meeting the UK’s energy needs for decades to come.
Ithaca Energy said the government's new windfall tax could accelerate the timeline for planned North Sea capex as the company looks to cash in on the investment relief.
Yesterday's announcement by Sunak was far from destructive for the North Sea oil & gas industry given the generous projects investment tax relief, but it fails, as it turns out, in at least one critical way.