‘High interest’ in Hartshead’s Southern North Sea gas plays
Hartshead Resources says it has received “high interest” from parties keen to partner up on a pair of UK gas fields.
windfall tax
Westwood: Harbour Energy one of just two IOCs to finish 2022 with lower share price
A new report from Westwood Global Energy Group has laid bare the impact of the UK Government's fiscal tinkering on Harbour Energy's (LON: HBR) share price in 2022.
‘We need visibility’: Baker Hughes boss in North Sea call to policymakers
Cambo is positive, Rosebank is positive, says Romain Chambault of Baker Hughes, but Harbour Energy’s windfall tax announcement shows the price of poor policy.
Norwegian tax incentives help drive $43bn of new investment
24 Norwegian oil and gas projects were green lit in 2022, marking a record-breaking year for project approvals, according to data from Rystad Energy.
Fears windfall tax subsidy could distort North Sea electrification process
Concerns have been raised about the unintended consequences of the UK Government’s subsidy for electrifying oil and gas platforms.
Potentially ‘over 300’ unexplored North Sea discoveries at risk due to windfall tax uncertainty
Hundreds of North Sea oil and gas discoveries could be abandoned as companies battle with uncertain headwinds.
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.
Bigger Faster Better #5: onshore wind
The UK’s offshore wind plans tend to hog the limelight, but onshore wind can also play a part in achieving the net zero goal of 2050.
Oil industry warns of ‘disaster’ as Labour pledges to increase windfall tax
Labour shadow chancellor Rachel Reeves has pledged her party will increase the North Sea windfall tax, in a move industry says will spell “disaster”.
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.
‘Populism before pragmatism’: Tory front bench blamed for Harbour Energy jobs cuts
Rishi Sunak and Jeremy Hunt are being held responsible for planned job losses at the UK North Sea’s largest producer.
Harbour Energy confirms cuts to North Sea spending as it bares windfall tax hit
Harbour Energy (LON: HBR) has confirmed cuts to its planned UK spend in response to Westminster’s tinkering of the tax regime.
Experts warn windfall tax may hit demand for Aberdeen office take-up this year after buoyant 2022
Commercial property experts fear a North Sea oil and gas slowdown caused by the windfall tax could put an Aberdeen office market recovery into reverse.
Harbour Energy plans hundreds of Aberdeen job cuts over windfall tax
Harbour Energy (LON: HBR) has confirmed plans for a series of job cuts at its North Sea base in Aberdeen - understood to number in the hundreds - due to the windfall tax.
EnQuest CEO takes shot at ‘particularly unstable’ UK tax system
Interview suggests North Sea was the high-growth area for EnQuest, but could be replaced by Asia in wake of the UK windfall tax
French giant TotalEnergies accounting for $1bn windfall tax hit ahead of 2022 results
North Sea operator TotalEnergies (LON: TTE) expects to shell out millions of pounds to the UK Government, as a result of the divisive windfall tax.
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.
Harbour Energy projected for $5.5bn windfall tax payments by analyst
Revisions to the windfall tax – or energy profits levy – increased the estimated bill of Harbour Energy (LON:HBR) by over $2bn, according to analysis.
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).
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.