Exxon sues EU over windfall tax measures: report
ExxonMobil is reportedly suing the European Union over its newly instilled windfall tax on oil and gas producers, arguing that the bloc has overstepped its authority in enacting the measure.
windfall tax
A windfall of unintended consequences
What are ‘historically more normal prices’? Through 2022 the Brent oil price averaged about $100 a barrel (bbl), up around 40% on 2021. This follows a volatile 12 months where prices started the year at $78/bbl, reaching a peak of $130/bbl in March following Russia’s invasion of Ukraine.
The North Sea, the windfall tax, and the parable of the broken window
As illustrated in French economist Frederic Bastiat’s 'parable of the broken window', it is often 'that which is not seen' that can be of greatest importance.
Sir Ian Wood: Time to reflect on domestic energy security
The former oil and gas business giant says the windfall tax "must be revisited as a priority".
Millions of pounds of green investment at risk due to generator windfall tax, says trade body
It is feared millions of pounds worth of renewables investments are at risk as a result of the controversial electricity generator levy (EGL).
Windfall tax: Top producer Harbour Energy to shun North Sea licensing round
Harbour Energy (LON: HBR), the largest producer in the North Sea, will shun the ongoing licensing round in the UK due to the windfall tax.
New Shell CEO was ‘strong supporter’ of UK investment while Upstream chief, says North Sea boss
Simon Roddy of Shell says incoming CEO Wael Sawan has already given support to new North Sea projects like Penguins, Pierce and Jackdaw.
Life after Shell? Just golf and travel says outgoing CEO
The outgoing Shell (LON: SHEL) chief executive Ben van Beurden has said "I don't have a plan" for his time after leaving the oil giant in an exit interview.
‘This area has so much to offer’: BBC’s Countryfile profiles debate on north-east energy sector
Countryfile spoke with industry representatives and campaigners as it examined how the oil and gas sector – and the wider north east region – is responding to the UK’s energy transition.
Windfall extension “a tax too far” sector tells Hunt in key meeting
An expanded windfall tax undermines firms’ ability to invest in the North Sea, sector representatives told Chancellor Jeremy Hunt in a key meeting on Friday, though they failed to secure concessions.
Oil firms seek windfall tax price floor in meeting with Jeremy Hunt
Chancellor Jeremy Hunt is due to hold a meeting on Friday on the windfall tax, Energy Voice understands, with oil and gas executives seeking a price floor to the levy.
The Energy Capital MP: New SNP Commons leader Flynn’s North Sea record
Aberdeen South MP Stephen Flynn was yesterday crowned as the SNP’s Westminster leader and has been tipped to take a ‘constituency interest’ in energy matters, particularly when it comes to policy affecting the future of the North Sea.
North Sea firms chasing price floor to offset windfall tax impacts
UK oil and gas producers are lobbying for a price floor to be introduced to combat the negative impacts of the latest windfall tax, according to reports.
Outgoing OEUK chief Deirdre Michie on her time at the helm and ‘another extraordinary year’
As “another extraordinary year” in the energy sector comes to an end, outgoing chief executive of Offshore Energies UK (OEUK), Deirdre Michie, reflects on the last 12 months and her time at the helm of the trade body.
Balance, balance, balance: UK must grapple with energy security and affordability
In looking back at 2022, it is hard to overstate some of the significant developments affecting the oil and gas industry.
BP, Equinor and Ithaca Energy team up on West of Shetland electrification
BP (LON: BP), Ithaca Energy (LON: ITH) and Equinor (OSLO: EQNR) are teaming up to slash emissions at huge oilfields in the West of Shetland through electrification.
Your 2023 North Sea forecast: Cambo, Rosebank to drive spend to 20 year high, but it’s ‘now or never’
When this edition of the Energy Voice supplement was published a year ago, the North Sea oil and gas industry was in the doldrums.
Updated: Serica shares fall on underwhelming North Eigg news
Shares in North Sea operator Serica Energy (LON: SQZ) fell on Monday after a key exploration well proved underwhelming.
‘We want boredom in 2023’ says oil and gas industry
"Looking ahead to 2023, it's pretty clear that what we are looking for is boredom”, says Addleshaw Goddard partner and co-head of oil and gas, Paul Jones, after the turbulence of the past 12 months.
‘Diminishing hopper’ of big North Sea projects a leash on firms’ ability to offset tax hike
Westminster’s hopes of spurring North Sea spend in the coming years could be derailed by one fundamental issue: a lack of available projects.
Windfall Tax: TotalEnergies to slash £100m of North Sea investment in 2023
The head of TotalEnergies’ North Sea business says the supermajor will slash investment by a quarter next year in light of the UK Government’s windfall tax, and expressed concern over the lack of a price floor built into the policy.
‘Frank and constructive’ North Sea Forum meeting tackles windfall tax and energy transition
Government and industry gathered in London on Wednesday at a meeting hosted by the sector’s regulator, as fiscal and political concerns topped the agenda.
Repsol Sinopec charts expected $3.6bn decom spend
Repsol Sinopec Resources UK (RSRUK) says it expects to spend nearly $3.6 billion on decommissioning over the next thirty years, according to company filings.
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.
Germany windfall tax delayed until beginning of December
Germany will delay the start of a planned windfall tax for power producers, the Economy Ministry said.