North Sea giant Harbour Energy forecast for £2.2bn pre-tax profits
Harbour, which is making hundreds of job cuts, is also set for a heavy windfall tax hit in its results tomorrow, analysts say.
windfall tax
Windfall tax ‘likely to discourage’ investment in new fields, study finds
Researchers at Aberdeen University have published in-depth analysis of divergent tax rates on UK oil and gas spending.
Drillers warn politicians that North Sea rigs could be ‘lost for good’
“There is a real danger that the UK will be left without the resources and talent to make the energy transition a reality safely," the IADC has warned hundreds of MPs and MSPs.
Market analyst notes ‘fall away’ in North Sea rig tendering activity on windfall tax ramp up
A top rig market analyst has laid bare the impact of the UK Government’s windfall tax hike on the UK’s drilling sector.
Amid taxes, spending cuts and political opponents, can the new OEUK boss bring the fightback?
‘I relish the challenge’ says new OEUK chief executive David Whitehouse on winning over policymakers.
Hunting still committed to Aberdeen despite ‘disaster’ windfall tax
The chief executive of Hunting (LON: HTG) says the energy services group has no plans currently to uproot its Aberdeen operations.
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.
Dolphin Drilling calls for windfall tax review amid rig speculation
Energy Voice understands Dolphin Drilling is reconsidering plans to send its Borgland rig to the UK due to the windfall tax policy.
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.
M&A expert brands UK ‘one of the most unstable’ economies for doing energy deals
There are claims Westminster’s fiscal interventions have made the UK “one of the most unstable economies” for energy investments.
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.
‘Reset, and grow up’ – energy experts issue scathing message to government
Industry leaders have accused politicians of scaring off energy investment and growth by turning the sector into a “pariah”.
Apache slams UK windfall tax as it cancels North Sea drilling contract
Apache has hit out at the North Sea windfall tax for making the sector “less competitive” as it cancels a drilling contract in the UK sector.
UK North Sea braces for $25bn cash flow crash
Inflation, rig rates and the windfall tax will hit 40 companies over the next five years – some of that cash would otherwise go to areas like safety and decarbonisation.
EnQuest shelves Kraken drilling in response to windfall tax changes
Operator EnQuest (LON: ENQ) is to defer drilling at its Kraken field following last year’s changes to the North Sea windfall tax.
Sweet 16: The key North Sea projects due to come onstream before 2027
A host of major oil and gas projects dotted around the North Sea are due to start-up production in the next few years.
‘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.
EPL relief ‘not enough’ to offset impact on new North Sea project profitability, says economist
November’s changes to the oil and gas windfall tax have had a “significant impact” on the profitability of new projects, analysis has found.
‘Our sector is suffering’: OEUK boss reflects on first weeks in post
The new head of Offshore Energies UK (OEUK) says that despite record-breaking profits, Britain’s energy sector is struggling in the face of increasing taxes and a supply chain crunch.
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.
‘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.
Energy bodies warn green growth at ‘severe risk’ without new support
A group of trade associations from across the energy sector have written to the Chancellor urging him to prioritise incentives for green growth as part of the Spring Budget.
‘Stability through thick and thin’ key to future investments, says Shell CEO
Shell’s (LON: SHEL) top boss has made a plea for “stability” as calls for an escalation to the North Sea windfall tax continue to circle.
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.
Shell profits could ‘come at a cost’ in form of ‘further windfall taxes’, warn analysts
News of Shell (LON: SHEL) recording record annual profits could come back to bite the oil and gas giant, as well as its counterparts.