Scrap windfall tax on oil and gas firms early, North Sea industry urges
The North Sea oil and gas industry is lobbying the UK government to end the windfall tax three years early, citing the need for investment. Industry leaders argue that a more flexible levy is necessary to maintain energy resilience amid rising household bills.
Why it matters
This debate highlights the tension between government revenue needs, corporate investment incentives, and the impact of global energy price volatility on consumers.
OEUK also called on ministers to approve two major North Sea oil and gas fields, Jackdaw and Rosebank. OEUK also called on ministers to approve two major North Sea oil and gas fields, Jackdaw and Rosebank. Energy industry Scrap windfall tax on oil and gas firms early, North Sea industry urges Labour should replace levy in 2027 rather than 2030 as energy bills are poised to surge over the winter, says lobby group
Prefer the Guardian on Google The North Sea oil and gas industry has called on Labour to scrap the windfall tax on fossil fuel firms three years early, as Britain heads into a winter with energy bills expected to reach their highest level since Russia’s invasion of Ukraine.
Offshore Energies UK (OEUK), the industry’s trade body, wants the tax replaced in 2027, rather than in 2030, with a narrower levy that only applies during price spikes.
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