Aberdeen energy capital status ‘at risk’ amid plunge in North Sea confidence
Aberdeen’s status as a global energy capital is at risk, a key industry report has warned, as confidence in the UK North Sea is now near a “record low”.
windfall tax
North Sea being taxed ‘to death’ says Ineos owner Ratcliffe
Sir Jim Ratcliffe said the windfall tax raises doubts about upgrades to the Forties Pipeline System.
Harbour delivers ‘strong first quarter’ ahead of AGM today
Harbour Energy (LON: HBR) has turned in a “strong first quarter”, according to chief executive Linda Cook, with the firm on track to meet full-year guidance on hydrocarbon production.
Did the EPL’s ‘damaging’ impact on JAPEX cause the firm to look to Norway?
An analyst claims that the reason for JAPEX's recent investment in Norway is down to windfall tax being "particularly damaging" to the firm.
UK CCS projects in race to secure limited funds, warns Harbour Energy boss
Harbour Energy is upbeat about the ability of oil and gas workers to move into CCS though, hailing it as the “only new business” that uses the exact same “expertise and competence”.
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.
JAPEX to invest millions in Norway oil exploration via Longboat Energy
Japan’s JAPEX is to invest millions of dollars in exploration in Norway via Longboat Energy.
BP profits hit $5bn in first quarter with more cash for share buybacks
BP (LON: BP) has reported first quarter 2023 profits of $5bn, as more cash is pushed towards shareholder returns.
Windfall tax and lower oil prices dent TotalEnergies huge earnings
Lower oil prices and the UK's EPL saw TotalEnergies' E&P division earnings drop 47%.
Seadrill to ‘clean up’ drilling fleet with plans to offload surplus rigs
Seadrill’s (NYSE: SDRL) chief executive is bullish about the company’s future after a period of “strategic repositioning”, in which it emerged from Chapter 11 bankruptcy.
Harbour Energy confirms 350 jobs to be cut, blaming windfall tax
Harbour Energy (LON: HBR) has confirmed it is cutting 350 onshore jobs, claiming the windfall tax is the reason behind the decision.
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.
Cambo ‘very difficult’ to sanction without windfall tax reforms, warns Ithaca boss
Ithaca Energy (LON: ITH) is appealing to Westminster to overhaul its energy profits levy, warning that the future of a key oil and gas project could count on it.
Starmer says ‘proper’ North Sea levy could fund council tax freeze
A Labour government would freeze council tax bills this year, Sir Keir Starmer will say as he launches his party's campaign for the May local elections.
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.
Miliband fears ‘boulevard of broken dreams’ from UK Gov ‘Green Day’ plans
The UK Gov announcement - currently slated to take place in Aberdeen, though that could change - is expected to include plans on CCS and the windfall tax.
North Sea firms slash 500m barrels from plans on EPL uncertainty, OEUK finds
Millions of barrels of oil and gas could be left in the ground as North Sea firms tailor their plans to the UK’s “uncertain” tax regime.
Industry fears being realised as Westwood warns windfall tax is accelerating North Sea rig exodus
A top market analyst fears the North Sea faces losing rigs “for good”, unless changes are made to the UK’s oil and gas windfall tax.
OEUK boss calls on government to rebuild investor confidence
The head of Offshore Energies UK will emphasise the importance of investor confidence in the North Sea alongside the sector’s safety leadership at the group’s HSE conference on Tuesday.
Budget: Chancellor must ‘wake up’ to damage to oil and gas industry
Aberdeen business leaders have told the Chancellor to “wake up” to the damage caused by his oil and gas windfall tax policy.
Treasury expects £11bn taxes from North Sea in 2022
However receipts are expected to drop dramatically in years to come as prices drop.
Hunt considers limiting UK energy profits tax when prices fall
Chancellor of the Exchequer Jeremy Hunt is considering limiting the windfall tax on the profits of UK oil and gas companies to allay industry concerns.
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.
Government ‘unlikely’ to tinker with windfall tax in upcoming spring budget
It is “unlikely” that Jeremy Hunt will toy with current energy windfall taxes when he delivers the government’s fiscal update next week.