North Sea top dog Harbour Energy ‘likely’ to be relegated from FTSE 100
Harbour Energy (LON: HBR), the North Sea’s largest producer, looks set to be relegated from the list of leading publicly-quoted UK companies after a windfall tax body blow.
Energy Profits Levy (EPL)
Equinor ‘still working hard’ on sanctioning Rosebank oilfield despite windfall tax
Norway’s Equinor said it is “still working hard” on sanctioning the Rosebank oilfield in the first quarter of next year – despite the latest windfall tax “uncertainty”.
UK weighs new 40% windfall tax on electricity generators
UK Chancellor Jeremy Hunt is considering a new 40% windfall tax on the “excess returns” of electricity generators as part of his sprawling package of tax rises and spending cuts this week, according to a person familiar with the proposal.
With the Autumn Budget due, a North Sea windfall tax expansion looms
There was once a time when grandiose economic statements were something of a collector’s item.
Exclusive: North Sea firm urges chancellor for ‘small fields’ windfall tax allowance
A North Sea firm has asked Jeremy Hunt to provide a “small fields allowance” in the windfall tax, reinstating legislation from George Osborne’s era in the Treasury.
Windfall tax is ‘biggest question mark’ over Cambo and Rosebank oil fields, says Ithaca
The looming threat of changes to the UK windfall tax is the “biggest question” hanging over development of the huge Cambo and Rosebank oilfields.
Sunak urged to scrap ‘absurd’ windfall tax ‘giveaway’
Rishi Sunak has come under fire over a windfall tax on oil and gas firms enacted during his time as Chancellor, as Shell confirms it made no additional payments thanks to generous investment rebates.
Shapps eyes windfall tax on ‘unexpected profits’ ahead of Autumn Statement
Questioned on the possibility of further windfall taxes on fossil fuel profits, business secretary Grant Shapps hinted the measures could form part of the upcoming Autumn Statement.
Tax uncertainty ‘driving investment out of the UK’ OEUK warns Hunt
Trade body Offshore Energies UK has written to Chancellor Jeremy Hunt requesting an “urgent meeting” as it warns revisions to fiscal policy are scaring off UK energy investment.
UK should impose a windfall tax on banks, ex-BOE deputy says
The British government should raid the banks for tens of billions of pounds to fill a black hole in the public finances, according to former Bank of England Deputy Governor Charlie Bean.
Sunak sees climate credentials questioned amid windfall tax speculation
Rishi Sunak's climate credentials were under scrutiny on Friday after the new Prime Minister decided to snub Cop27, amid speculation that he could move to expand the windfall tax on energy companies.
From windfall taxes to wind bans: PM Sunak’s record on energy
Rishi Sunak has been named leader of the Conservative Party following Liz Truss' resignation last week, and will take the reins at a turbulent time in British politics.
WoodMac: Windfall tax ‘wipes out’ 20% of North Sea corporate value
Wood Mackenzie researchers say the government’s windfall tax measures are likely to wipe around 20% off the value of North Sea operators on average, with the impact largely dependent on current tax and investment status.
Shell, IR35 and Rough: Liz Truss’ energy record as she’s named new PM
With her place as the UK’s next prime minister secure, Liz Truss will soon face a tidal wave of energy policy and security decisions likely to test her campaign promises.
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.
Kwarteng meeting with North Sea oil firms on windfall tax
UK business secretary Kwasi Kwarteng will meet with North Sea oil and gas producers today to discuss the government’s windfall tax.
UK oil and gas lobby group disappointed as windfall tax becomes law
The UK’s main lobby group for the oil and gas industry urged ministers to work with the sector to minimize the the impact of a new windfall tax on profits.
North Sea bosses seek urgent windfall tax meeting with new Chancellor Zahawi
North Sea industry leaders are seeking an urgent meeting with the new Chancellor, Nadhim Zahawi, on the windfall tax.
New Chancellor Nadhim Zahawi must battle rising prices and calls for tax cuts
Nadhim Zahawi inherits a raft of cost-of-living problems following the resignation of Rishi Sunak as chancellor.
So, what came out of the discussion with Sunak?
Last month, Chancellor Rishi Sunak flew into the Granite City - home of the UK’s offshore energy industry. He was there to listen directly to the concerns put forward by industry leaders on the Government’s proposed energy profits levy.
Serica Energy looking outside the UK for M&A deal
North Sea operator Serica Energy (LON: SQZ) has said it is “increasingly” exploring M&A opportunities outside of the UK.
Baron Oil says outlook ‘transformed’ for Dunrobin project in UK North Sea
Baron Oil (AIM: BOIL) has said economics on its Dunrobin project in the North Sea have been “transformed” with the surge in commodity prices and new UK Government policies.
Harbour Energy urges Chancellor to revise ‘seriously flawed’ windfall tax ahead of legislation
Harbour Energy (LON: HBR) has issued a letter to Chancellor Rishi Sunak, it has been reported, slamming the “seriously flawed” windfall tax.
Hurricane Energy hits out at ‘unhelpful’ lack of windfall tax detail
Hurricane Energy has branded government’s windfall tax as “unhelpful” particularly due to its lack of public details.