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.
Energy Profits Levy (EPL)
Whopping 76% of Scots want North Sea production despite energy plan
More than three-quarters of Scots support domestic North Sea production, a survey has found, despite political moves which could harm the sector.
Benriach to spud in Q2, Kistos confirms
Kistos (AIM:KIST) has confirmed plans by TotalEnergies to spud its much-anticipated Benriach well in Q2 of 2023, while a final decision on Glendronach is to be further delayed.
Rosebank needed for UK energy security: Equinor boss
Equinor chief executive Anders Opedal said Rosebank will be needed to shore up UK energy security, and that recent windfall tax measures had not affected the company’s North Sea strategy.
Government challenged over ‘gas giveaway’ incentives, Rosebank support
MPs challenged the government over its energy efficiency performance and the continued licensing of new oil and gas fields, while a government minister reiterated a continued need for fossil fuels.
Cambo: A year since Shell decided not to invest
Its more than a year since Shell (LON: SHEL) said it wouldn't invest in the Cambo oilfield, but as the project approaches a green light, the firm is weighing whether to stick or sell up its stake.
Orcadian eyes INTOG, farm-out progress at Pilot in 2023
Orcadian Energy will look to the INTOG offshore leasing round to help progress its flagship Pilot development, chief executive Steve Brown said, as the firm looks to make headway in 2023.
Shell expects $2bn hit from UK and EU windfall tax
Windfall tax measures in the UK and EU are expected to see Shell (LON: SHEL) take on a $2bn liability during Q4, the energy giant has said.
MPs take aim at ‘perverse’ windfall tax incentives
A new Select Committee report voices “significant reservations” over the structure of investment allowances offered to oil and gas firms under the Energy Profits Levy (EPL).
Select Committee calls for ‘clear date’ to end new oil licensing
A parliamentary committee has pressed the UK government to set a clear date for ending new oil and gas licensing rounds in a bid to show international climate leadership.
Wood Mackenzie: Review could address ‘fundamental flaws’ in UK energy tax
Wood Mackenzie looks at the impact of the latest government windfall tax policy and how this could affect the direction of the energy industry over the coming year with a full review of the sector’s fiscal system set to be undertaken.
North Sea firms ‘concerned’ over further windfall tax changes under Labour
Already reeling from the impact of the windfall tax levy, some North Sea firms are reportedly adjusting plans in expectation of losing investment incentives under a Labour government.
Welligence: recovering from the ‘Covid low’ and dealing with EPL
The UK North Sea saw little bounce back in activity following the 2020-21 ‘Covid low’, with only the M&A space staying buoyant.
Exxon sues EU over windfall tax measures: report
ExxonMobil is reportedly suing the European Union over its newly instilled windfall tax on oil and gas producers, arguing that the bloc has overstepped its authority in enacting the measure.
The oil and gas year in review
2022 has been a year of challenge with the effects of the Covid-19 pandemic still impacting markets and the war in Ukraine affecting so many. Consequences of such a tumultuous year include the energy supply crisis, the fluctuation in commodity prices, the cost-of-living crisis and the onset of recession, which are all inextricably linked.
Windfall tax: Top producer Harbour Energy to shun North Sea licensing round
Harbour Energy (LON: HBR), the largest producer in the North Sea, will shun the ongoing licensing round in the UK due to the windfall tax.
New Shell CEO was ‘strong supporter’ of UK investment while Upstream chief, says North Sea boss
Simon Roddy of Shell says incoming CEO Wael Sawan has already given support to new North Sea projects like Penguins, Pierce and Jackdaw.
‘This area has so much to offer’: BBC’s Countryfile profiles debate on north-east energy sector
Countryfile spoke with industry representatives and campaigners as it examined how the oil and gas sector – and the wider north east region – is responding to the UK’s energy transition.
Windfall extension “a tax too far” sector tells Hunt in key meeting
An expanded windfall tax undermines firms’ ability to invest in the North Sea, sector representatives told Chancellor Jeremy Hunt in a key meeting on Friday, though they failed to secure concessions.
Oil firms seek windfall tax price floor in meeting with Jeremy Hunt
Chancellor Jeremy Hunt is due to hold a meeting on Friday on the windfall tax, Energy Voice understands, with oil and gas executives seeking a price floor to the levy.
The Energy Capital MP: New SNP Commons leader Flynn’s North Sea record
Aberdeen South MP Stephen Flynn was yesterday crowned as the SNP’s Westminster leader and has been tipped to take a ‘constituency interest’ in energy matters, particularly when it comes to policy affecting the future of the North Sea.
BP, Equinor and Ithaca Energy team up on West of Shetland electrification
BP (LON: BP), Ithaca Energy (LON: ITH) and Equinor (OSLO: EQNR) are teaming up to slash emissions at huge oilfields in the West of Shetland through electrification.
‘We want boredom in 2023’ says oil and gas industry
"Looking ahead to 2023, it's pretty clear that what we are looking for is boredom”, says Addleshaw Goddard partner and co-head of oil and gas, Paul Jones, after the turbulence of the past 12 months.
Windfall Tax: TotalEnergies to slash £100m of North Sea investment in 2023
The head of TotalEnergies’ North Sea business says the supermajor will slash investment by a quarter next year in light of the UK Government’s windfall tax, and expressed concern over the lack of a price floor built into the policy.
‘Frank and constructive’ North Sea Forum meeting tackles windfall tax and energy transition
Government and industry gathered in London on Wednesday at a meeting hosted by the sector’s regulator, as fiscal and political concerns topped the agenda.