Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » UK plans to overhaul windfall oil and gas tax

    UK plans to overhaul windfall oil and gas tax

    March 6, 2025
    Share
    Facebook Twitter LinkedIn WhatsApp
    London — Britain plans to overhaul its windfall tax regime on oil and gas producers once current levies run out in 2030, it said on Wednesday as it vowed to transform the North Sea into a renewables hub.
    The government is asking industry players and others to provide feedback until May 28 on policy options including taxing what it calls “excess revenue”. It did not announce specific price thresholds in this consultation.
    Any new regime would likely apply to the price producers receive after the use of financial products commonly employed to shield them from price fluctuations, according to the consultation document.
    In October, Britain’s Labour government upped its windfall tax on oil and gas producers to 38% from 35% and extended the levy by a year to March 2030, bringing the headline tax rate on the sector to 78%, among the highest in the world.
    A 25% windfall tax was first introduced by the previous Conservative government in May 2022 in the wake of soaring energy prices following Russia’s invasion of Ukraine. The tax was subsequently increased to 35% in November 2022, and extended by one year in March 2024.
    Oil and gas producers have argued that the windfall levy has hit profits and brought uncertainty over investments, hastening an already advanced decline of oil and gas output in the British North Sea.
    Energy minister Ed Miliband said that oil and gas production would continue to play an important role in the energy mix, and the government was committed to maintaining existing fields for their lifetime.
    Wednesday’s plans reiterate the government’s intention not to allow any new oil and gas licenses.
    Alongside oil and gas production, the government also wants to ensure that clean energy sources such as hydrogen, carbon capture and wind start to thrive, creating new jobs.

    Reporting by Muvija M, Sam Tabahriti, Shadia Nasralla; Writing by Shadia Nasralla and Sarah Young; Editing by Sachin Ravikumar and Christina Fincher – Reuters

    Related News

    UAE to up value of US energy investments to $440 billion by 2035

    With US trade war, China now top buyer for Canadian crude on Trans Mountain pipeline

    Global oil supply to rise faster than expected after OPEC+ hike, IEA says

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    NIMASA reaffirms staff welfare, capacity development

    May 18, 2025

    World Bank approves $350 million grant for Malawi hydropower project

    May 17, 2025

    UAE to up value of US energy investments to $440 billion by 2035

    May 17, 2025

    Germany’s Uniper, Britain’s Octopus Energy sign power and gas agreement

    May 17, 2025

    With US trade war, China now top buyer for Canadian crude on Trans Mountain pipeline

    May 17, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.