Kwarteng questions if windfall tax will end
Former Chancellor Kwasi Kwarteng has raised doubts following Wednesday’s Autumn Budget as to whether the windfall tax on oil and gas profits will ever end.
budget
Shell reveals another shareholder boon on $6 billion quarterly profit
Shell (LON:SHEL) unveiled a better-than expected $6 billion (£4.6bn) profit and another investor-pleasing buyback on the back of an increase in gas production.
Budget: what are the key takeaways for the UK energy industry?
The UK's first female chancellor said her budget will drive economic growth and "invest, invest, invest".
Budget: don’t squander the SME talent leading the energy transition
If the country's top producers – and earners – are open to jumping ship over the impending fiscal regime, imagine the impact changes will have on the countless SMEs that make up the supply chain?
UK could extract further £10bn from North Sea under right fiscal conditions, WoodMac says
The UK could unlock up to £10 billion of North Sea oil and gas pre-tax value from existing assets under the right fiscal regime, a new report has found.
Labour Government brings opportunities and changes for our energy industry
Labour’s manifesto called for Britain to become a "clean energy superpower" and they have wasted no time in reaffirming their policies and priorities.
Hunt to announce UK Budget on March 6 as Tories push for giveaways
Chancellor Jeremy Hunt will announce the next UK budget on March 6, giving the governing Conservatives what’s likely their last opportunity to announce giveaways before a general election.
Electricity Generator Levy: New UK renewables projects to be exempt
Meanwhile capital allowances on investments — a form of tax relief designed to ease upfront costs — will remain in place, in a boon to renewables developers.
Harbour Energy ‘deeply disapointed’ revised windfall tax will stay if oil prices fall
Harbour Energy (LON: HBR) has struck out at Jeremy Hunt's new Budget, saying that the decision to keep windfall tax if commodity rates return to normal levels is "deeply disappointing".
Contractors ‘buried in bad news’ with no budging on IR35 rules
Chancellor Jeremy Hunt has been criticised for his U-turn in abolishing IR35 reforms, and today's "budget doesn’t help matters", according to one specialist.
New tax rules aim to end ‘big debate’ on UK decommissioning
New changes for decommissioning tax rules will help end “areas of dispute” between the industry and UK government, according to a leading expert.
Business leaders including Sir Vince Cable react to Aberdeen Budget package
Business leaders, including former Liberal Democrat leader Sir Vince Cable, have welcomed a £30million-plus Budget package for the Aberdeen energy sector.
Budget: RMT calls for £220m annual ‘Just Transition Fund’ for workers
With just hours until the Chancellor’s Budget, the RMT Union has called for creation of a £220million annual “Just Transition Fund” for offshore workers.
OBR cuts forecast for North Sea tax receipts
The Office for Budget Responsibility (OBR) has cut its forecast for North Sea oil tax receipts to the UK Treasury.
Sunak cancels Budget and promises financial package to replace furlough scheme
Rishi Sunak has cancelled this year's Budget and will instead prioritise protecting millions of jobs in sectors hit by the latest Government guidance on Covid-19.
Chancellor dashes any lingering hopes of North Sea reprieve on IR35
Any lingering hopes of a reprieve for North Sea oil workers from an unpopular tax reform were dashed by the Chancellor today.
Nigeria plans budget review after Covid-19 hits oil prices
Nigeria may have to adjust its budget this year after fears of coronavirus pandemic dragged the price of crude under the target set in its 2020 spending plan.
OBR lowers forecast for UK oil and gas revenues
A new report has lowered forecasts for UK oil and gas revenues by an average of £600million per year to 2024.
Scottish Budget investment boost for ‘critical’ apprenticeships
Finance Secretary Derek Mackay has pledged to support apprentices by allocating more than £200million to enhance their skills and development.
Stable tax measures are welcomed by oil industry
The oil and gas industry welcomed the chancellor’s announcement on stable tax measures and plans to make Scotland a “global decommissioning hub”.
Tax expert says nasty surprises for North Sea in upcoming Budget unlikely
The Chancellor is unlikely to spring any nasty surprises on the UK oil and gas industry in next week’s Budget, a tax expert has said.
‘No-deal’ Budget prepared
Philip Hammond has warned that the UK economy will have to strike out in a “different direction” if the Government is unable to agree a Brexit deal with Brussels.
Treasury ‘reaffirms commitment’ to North Sea
The UK Treasury has “reaffirmed” the UK government’s commitment to the North Sea in a visit to Aberdeen yesterday.
Saudi Arabia unveils its 2018 budget: economists’ reaction
Saudi Arabia released its second budget since unveiling proposals to reduce the kingdom’s dependence on oil. Here economists comment on the numbers, prospects for crude prices and the direction of government policy.
Innovation key theme of Scottish Budget, Sturgeon says
Nicola Sturgeon has said investing in innovation to increase productivity will be a key focus of the Scottish Budget.