Windfall tax risks ‘destroying’ North Sea production, Tory MPs warn Chancellor
Tory MPs have told Chancellor Jeremy Hunt that the windfall tax on oil and gas companies needs to be watered down to avoid an “existential threat” to the North Sea.
windfall tax
Germany sets windfall tax at 90% for clean power generators
Germany has set out its plan to claw back 90% of the earnings from some clean power generators as the government seeks funding for its consumer aid package.
WATCH: BP boss grilled by MP on lack of answers on windfall tax payments
A boss at BP was grilled for his lack of answers on a windfall tax "loophole" by an MP at a House of Commons Committee this week.
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.
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”.
Windfall Tax: £200bn of investment ‘at risk’ says North Sea trade body
More than £200 billion of UK energy investments, including low carbon solutions, are “at risk” due to the windfall tax, the North Sea trade body has warned.
Reports: Oil giant Shell to review £25bn of spend after windfall tax hike
Supermajor Shell (LON: SHEL) is to review as much as £25 billion of UK investments following the government’s decision to ramp up the windfall tax.
Italy to raise energy windfall tax in €35 billion budget
Italy has approved a €35 billion ($36 billion) budget law for next year which will raise a windfall tax on energy companies in order to expand aid to families and businesses hit by higher prices.
North Sea to spend £20bn on decom, with 2,000 wells to be plugged over next decade
More than 2,000 North Sea wells are poised to be decommissioned over the next decade, an average of just shy of four a week.
Windfall Tax: Ithaca to benefit, EnQuest and Neptune to feel the pinch
Ithaca Energy (LON: ITH) will benefit from recent changes to the windfall tax, but rivals Neptune Energy and EnQuest (LON: ENQ) will be harder hit, according to new research.
SSE ‘may have to give up’ on some green energy projects after windfall tax
SSE has warned it will review renewables investments following the UK Government’s bombshell windfall tax announcement last week.
Windfall tax on generators a ‘penalty’ on renewables pioneers, says expert
An offshore wind expert has labelled the UK Government’s new electricity generators windfall tax a “penalty” on early entrants into the renewables market.
North Sea independents see shares drop on windfall tax announcement
Several independent North Sea producers saw their share prices drop after the chancellor’s windfall tax announcement - lending credence to claims they are harder hit than oil majors by the policy.
‘Multiple’ interested parties in Hurricane Energy sale
Hurricane Energy (LON: HUR) has said it has received expressions of interest from “multiple” parties in its process to sell the business.
Autumn budget ‘borne out some of worst fears’ for North Sea
Energy analysts have given their take on Jeremy Hunt’s decision to ratchet up the North Sea oil and gas windfall tax.
Treasury takings from oil and gas could hit all time high in 2023-24
Prolonged high oil and gas prices and the new windfall tax mean the UK Government could soon set a new record for tax receipts from the sector.
EIC claim raising energy profits levy could harm UK supply chain
Following the new Budget yesterday the Energy Industries Council (EIC) has said that raising taxes on net income could drive investments outside of the UK.
Chancellor’s £54bn windfall tax ‘threatens to drive out UK investment’
Electricity generators and North Sea oil firms are to be hit by a £54bn windfall tax under plans unveiled today, which the industry said “threatens to drive investment out of the UK altogether”.
‘No more tax changes after this’: Industry execs with key asks on Autumn Budget windfall tax
With an expected surge in the windfall tax in today's Autumn Budget, North Sea industry executives have set out their key asks for chancellor Jeremy Hunt.
Harbour Energy boss pleas with chancellor over windfall tax
Harbour Energy (LON: HBR) chief executive Linda Cook has issued a public plea to the chancellor to rethink much-expected changes to the windfall tax.
‘Inevitable’ North Sea will remain a target for Treasury, says KPMG boss
A financial expert says the oil and gas industry is up against it to deliver for the UK against the backdrop of a growing windfall tax.
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.
‘Machiavellian manoeuvres’ and UK high taxes put energy transition at risk – survey
Political instability has been flagged by the UK energy sector as the biggest obstacle to companies transitioning to net zero, according to a new report.
Industry outrage as government mulls North Sea windfall tax increase to 35%
The UK Government is mulling an increase to the North Sea windfall tax to 35%, Energy Voice understands, in a move which executives said threatens billions of pounds of investment.
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.