Apache to cease North Sea production by 2030 due to windfall tax
North Sea operator Apache (NYSE:APA) has said it will cease operations in the UK by the end of 2029, blaming the impact of the windfall tax.
Energy Profits Levy (EPL)
Equinor announces $30 million 2023 UK tax bill as rates rise
Norway’s state-owned oil company Equinor forked out $30 million in UK taxes in 2023, and now finds itself spending more than it is earning within the country.
UK oil and gas firm looks to Middle East amid North Sea uncertainty
For many North Sea oil and gas supply chain firms, attending the annual ADIPEC conference in the Middle East has been a key part of efforts to expand internationally.
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.
‘Torturing’ budget serves as ‘devastating blow’ to oil sector, says BRINDEX
Changes to the energy profits levy brought in under the UK government's budget serve a "devastating blow" to oil firms, the chairman of a body representing independent oil and gas producers has warned,
Windfall taxes and government policy: destroying Aberdeen and the north-east
There is only one phrase that can possibly be used to describe the Westminster government’s approach to oil and gas – ideological zealotry, bordering on madness.
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?
Stick or Twist: The North Sea operators who are warning they will leave the UK
Read our compilation of the UK oil and gas firms who wave made their views clear as Labour’s first budget looms.
North Sea investment allowance changes could have greater impact than EPL raise
University of Aberdeen research warns of potential impact from proposed EPL changes, but Treasury says it is "right that the oil and gas sector contributes" to UK energy transition.
Why the EPL is putting both our North Sea industry and climate change goals at risk
The Autumn Budget is a chance for the government to make a bold statement on the energy transition.
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.
Analysts warn of £4.9bn shortfall in Chancellor’s green plan
Analysts have warned of a potential £5 billion funding hole in Chancellor Rachel Reeves’ proposals to finance the green prosperity plan.
Former Oil and Gas UK chief’s fears of North Sea ‘wholly premature death’
The former head of Oil & Gas UK has accused politicians of “gross negligence” towards the offshore industries and their workers.
UK ‘not the ideal place’ to invest in new oil and gas, Deltic says
Deltic Energy said it will focus on core UK assets like the Selene prospect while pivoting its attention to international opportunities.
Windfall tax concern ‘looms large’ over north-east businesses
The windfall tax on the North Sea energy sector remains a key concern for north-east businesses ahead of this month’s budget, according to a survey.
North Sea confidence plummets to new low ahead of budget
The results of a new survey have prompted Aberdeen and Grampian Chamber of Commerce (AGCC) to propose a five point plan to Chancellor Rachel Reeves as she prepares to unveil the new UK government's budget at the end of the month.
Hopes rise for North Sea windfall tax “successor”
Analyst Wood Mackenzie believes "where there’s a will, there’s a way" in achieving a consensus on an improved system of taxation despite differences of opinion between government, industry and North Sea investors.
Who is the UK North Sea’s top tax payer?
Just 35 North Sea companies paid £7.5billion in 2023 as sector warns UK tax policies will kill jobs, investment and receipts.
UK’s critical gas infrastructure at risk if investment allowance scrapped
NSMP CEO calls for industry and policymakers to collaborate to deliver a just transition as UK gas faces risk from fiscal instability.
Shrinking oil and gas profits tax take ‘casts doubt’ on UK Government plans
The decline in the North Sea tax base raises further questions over the £1.2bn per annum uplift in windfall tax revenues which the government has ear marked to fund GB Energy.
Windfall tax could lead to Forties pipeline closing 10 years early, Ineos says
The operator of the crucial Forties Pipeline System (FPS) has warned it could close 10 years early due to the UK government's North Sea tax policies.
Jersey Oil and Gas ‘hopes sense prevails’ in Westminster
Jersey chief executive Andrew Benitz said the firm's achievements have been marred by "fiscal and political turmoil" which has forced them to take measures including a 50% cut in staff and director salaries.
North Sea must ‘look beyond’ windfall tax to be ‘open for business’
UK energy minister Michael Shanks has urged North Sea investors to "look beyond" the government's proposed windfall tax, despite warnings the oil and gas sector is "under threat".
BP UK boss warns against North Sea ‘cliffhanger’ ahead of budget
60 years to the day since BP got its first licence to operate in the North Sea, Doris Reiter warns the 'basin will lose out' on jobs, investment and the energy transition unless government and industry get on the same page on taxes.
Serica Energy assets remain ‘cash generative’ despite ‘unjustifiably punitive fiscal regime’
North Sea operator Serica Energy said its UK offshore assets remain "cash generative" despite an "unjustifiably punitive" fiscal regime as it released its half year results today.