On the one-year anniversary of the United Kingdom’s windfall tax announcement, Energy in Depth examines the negative impact the tax has had on the North Sea oil and gas industry and continued investment. The policy, which effectively brings the.
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Since the UK Government announced a further 10% hike to the UK Energy Profits Levy (EPL) – also known as the windfall tax – which took the headline tax rate for UK oil and gas producers to 75% and delayed the closing date until 2028, there has been a steady stream of announcements from North Sea operators regarding their forward drilling plans (or lack thereof) in the region.
Earlier in this month, the UK government announced in its Energy Security Strategy that it will support the production of domestic oil and gas in the near term while accelerating the.