Tories to vote against windfall tax changes
Conservative ministers are expected to vote against changes to the energy profits levy (EPL) today, a tax first introduced by the Tory party, a spokesman has said.
energy profits levy
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.
Labour’s North Sea tax hike to land £13 billion blow to UK economy, OEUK says
UK government plans to raise the windfall tax on North Sea oil and gas firms could cause a £13 billion hit to the UK economy between 2025 and 2029, a report has found.
Cambo fate will be decided in months as Ithaca weighs tax uncertainty
A decision on whether the controversial Cambo field will be sanctioned or delayed is set to be decided in months as bosses weight the impact of North Sea tax policy.
Stephen Flynn: North Sea windfall tax was right then but now it risks jobs
Aberdeen South MP Stephen Flynn said the windfall tax on UK oil and gas had been the "right thing to do" but proposals to increase the burden would stymie investment threatening jobs now and in the future.
Industry challenges analysis claiming windfall tax win for UK Treasury
Industry boffins have challenged analysis that the windfall tax will deliver a win for the UK Treasury.
Sir Ian Wood: Energy profits levy impacting investment at wrong time
The newly elected first minister, Humza Yousaf, chose to make his second official visit as head of the Scottish Government to view the transformational South Harbour development in Aberdeen.
Windfall tax ‘likely to discourage’ investment in new fields, study finds
Researchers at Aberdeen University have published in-depth analysis of divergent tax rates on UK oil and gas spending.
Dolphin Drilling calls for windfall tax review amid rig speculation
Energy Voice understands Dolphin Drilling is reconsidering plans to send its Borgland rig to the UK due to the windfall tax policy.
EnQuest shelves Kraken drilling in response to windfall tax changes
Operator EnQuest (LON: ENQ) is to defer drilling at its Kraken field following last year’s changes to the North Sea windfall tax.
EPL relief ‘not enough’ to offset impact on new North Sea project profitability, says economist
November’s changes to the oil and gas windfall tax have had a “significant impact” on the profitability of new projects, analysis has found.
French giant TotalEnergies accounting for $1bn windfall tax hit ahead of 2022 results
North Sea operator TotalEnergies (LON: TTE) expects to shell out millions of pounds to the UK Government, as a result of the divisive windfall tax.
The North Sea, the windfall tax, and the parable of the broken window
As illustrated in French economist Frederic Bastiat’s 'parable of the broken window', it is often 'that which is not seen' that can be of greatest importance.
Hibiscus resolves long-standing riser issues at Anasuria FPSO
Issues with a production riser at the Anasuria FPSO have finally been fixed, more than a year after the fault cropped up.
Shell paid nothing in Q3 windfall tax due to investment in North Sea
Shell (LON: SHEL) paid nothing in UK Government windfall tax during Q3 as a result of its investment in the North Sea, the oil giant has confirmed.
Shell CEO says governments need to tax energy firms to help poor
Governments need to tax energy producers to help the poorest people deal with the soaring cost of fuel, said the CEO of Shell (LON:SHEL).
North Sea windfall tax forecast to raise £2bn more than originally thought
Proceeds from the UK Government’s windfall tax are expected to top £7 billion this year, about £2bn more than originally thought.
Harbour CEO says group will be ‘net debt free’ within months
The chief executive of Harbour Energy (LON: HBR) said another suite of bumper results will enable the company to reduce its net debt to zero in a matter of months, but was critical of the impact of the government’s windfall tax.
Sturgeon: ‘There should be another windfall tax’
First Minister Nicola Sturgeon has said there should be another windfall tax on the North Sea, and other firms making similar profits.
Windfall tax revisions risk ‘untold damage’ to energy security says offshore trade body
The UK’s offshore energy trade body has warned that further changes to “windfall” taxes on the oil and gas sector would reduce energy security and increase consumer costs.
North Sea tax receipts now top £22m per day according to new research
North Sea offshore operators and licensees have been paying an average of £22.1million in tax per day since the start of the year, even before the so-called windfall tax comes into force, new figures have shown.
Parkmead pulls in Gneiss to help find Greater Perth Area partner
Parkmead Group (LON: PMG) has launched a farm-out process for the Greater Perth Area (GPA) project in the Central North Sea.
BP UK boss says windfall tax won’t affect North Sea investment plans
BP’s UK head said the government’s energy profits levy was unlikely to affect its North Sea investment plans, following confirmation that the measures would cease in December 2025.
North Sea decom could take back seat until 2025 as operators grapple with EPL
Just as thing seemed to be looking up for the sector, decommissioning could be pushed to the back of the queue once again.
Windfall tax on oil and gas profits takes a step closer to becoming law
The Government's windfall tax on the soaring profits of oil and gas companies has taken a step closer to becoming law.