UK Oil and Gas Group Says Earlier Tax Shift Could Raise £14.9 Billion

A new fiscal regime in the UK from 2027 could deliver an additional 14.9 billion, or $20 billion, to Britain's revenues, the leading offshore industry group said in its annual Economic Report, calling on the Burnham government to bring forward the tax change planned for 2030. Offshore Energies UK OEUK wants the Oil and Gas Revenue Levy, a price-triggered mechanism planned to replace the current Energy Profits Levy from 2030, to be introduced from January 2027. The UK tax regime has changed several times since 2022 by both Conservative and Labour governments, making any investment plans so unpredictable that companies are quitting the UK North Sea. Since the windfall tax was initially introduced by the Conservative government at the height of the energy crisis in 2022, oil and gas companies operating in the UK North Sea have been calling for certainty in the regulatory and tax framework.