North Sea independents call for govt to go further and scrap EPL before 2028
A group of North Sea firms is urging the UK Government to drop the curtain on the windfall tax ahead of the current schedule.
Energy Profits Levy (EPL)
Windfall Tax price floor: What difference will it make to the North Sea?
While it’s not a panacea - and may never actually kick into force - the windfall tax price floor could help with financing the $5bn of North Sea projects awaiting FID.
Windfall tax to be dropped if oil and gas prices fall to ‘historically normal levels’
A welcomed move from industry, but projections show the price floor is unlikely to kick in before the tax is due to end in March 2028.
BP’s UK windfall tax payments hit $1bn
The oil giant, which made over $27bn net profits last year, previously said the UK accounts for around 15% its global total.
BEIS committee slams Big Oil’s ‘inadequate’ disclosures on low-carbon investment
The sector refuted the claim, pointing to extensive investment plans and lengthy evidence submissions issued to the committee.
Harbour slashes decom spend by up to $100m per year due to EPL
Harbour Energy has confirmed it plans to “re-phase” up to $100 million per year of decommissioning spend in the wake of the windfall tax.
North Sea firms ‘disappointed’ over lack of windfall tax concessions
Oil and gas representatives hailed government commitments to energy security and CCS but hit out over the lack of any let up in windfall taxes amid Thursday’s energy policy blitz.
Ithaca Energy trebles profits during ‘transformational’ year
But the North Sea firm also lamented the “fiscal uncertainty” created by the energy profits levy (EPL), confirming a $767m deferred tax charge as a result of the government policy.
Decom rebates help lower Shell’s UK tax bill to just £6.5m
Rebates for Shell's decommissioning expenses helped offset millions of pounds paid in windfall taxes.
Neptune Energy expects £53m windfall tax hit as budget looms
Neptune Energy has become the latest North Sea operator to forecast its windfall tax hit ahead of the Spring Budget tomorrow.
Move Net Zero Department to Aberdeen, Chamber asks Hunt
Aberdeen business leaders called for a revised city region deal and for the UK’s energy department to be moved to the north east, in a series of asks ahead of the Chancellor’s Spring Budget on Wednesday.
Harbour Energy sees profits ‘wiped out’ by windfall tax
Harbour said the windfall tax has “extinguished” profits – but the firm, which is cutting jobs, still announced $300m of shareholder dividends and buybacks today.
North Sea windfall tax could hit Ithaca’s Cambo FID timeline, according to reports
The UK's fiscal landscape means a final investment decision (FID) on the controversial West of Shetland Cambo project could be kicked down the road.
Windfall Tax: Over 90% of North Sea producers have cut spending
“When you read about companies not investing, those are real people that are losing their jobs, that is hundreds of jobs being lost,” said OEUK chief David Whitehouse.
Apache parent triples profits despite North Sea snub
Apache parent APA Corp posted a threefold increase in profits in its full-year 2022 results, which show the North Sea continues to be a cash cow.
Ping Petroleum decries windfall tax and ‘out of alignment’ regulators
North Sea minnow Ping Petroleum has criticised the UK government's windfall tax and decried "out of alignment" regulators overseeing the industry.
‘Massive disconnect’ between transition policy and fiscal system, says OEUK
The UK’s offshore trade body said that the government’s energy transition ambitions do not match up with the ‘unpredictable’ fiscal policies surrounding oil and gas.
UK tax take expected to fall £12.7 billion on low gas prices
Tax revenues from the country’s oil and gas sector will fall as fossil fuel prices drop, the UK government expects, restricting Chancellor Jeremy Hunt’s spending power in the budget next month.
Downstream props up TotalEnergies’ profit machine
The French supermajor said it expected to pay $400 million under the UK Energy Profits Levy (EPL) in the fourth quarter, bringing the full-year impact of the windfall tax to an expected $1bn.
‘Once those units go away, they won’t come back’: Drilling contractors head to Westminster in plea for North Sea stability
Drilling contractors will head to Westminster on Wednesday to make the case for stable and continued investment in the North Sea, lest the basin face an exodus of vital equipment and skills.
Miliband: ‘We’re going to carry on using North Sea oil under Labour’
Meanwhile OEUK accuses Labour of “misrepresenting” oil firms earnings in the UK tax system.
Energy supply chain firms ‘in crisis’, warns OEUK
Post-Brexit paperwork, a lack of North Sea projects and a shortage of talent are putting mounting pressure on the UK’s energy supply chain, according to Offshore Energies UK (OEUK).
Norwegian tax incentives help drive $43bn of new investment
24 Norwegian oil and gas projects were green lit in 2022, marking a record-breaking year for project approvals, according to data from Rystad Energy.
Fears windfall tax subsidy could distort North Sea electrification process
Concerns have been raised about the unintended consequences of the UK Government’s subsidy for electrifying oil and gas platforms.
North Sea windfall tax raises 25% less than expected in December
The windfall tax on North Sea oil and gas producers raised nearly 25% less than expected for Treasury coffers last month.