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AIMoil
Unfortunately where you list has no bearing on where you pay tax. Tax is paid based on location of your operations and the only way Enquest can avoid EPL and other UK taxes would be to sell all of its NS operations.
AimOil It is grossly unfair to target an important industry. But there are no legal challenges available. All one can do it to campaign for the law to be modified. The Oil and gas industry is an easy target for taxing politicians. It has few political champions. I myself think one has to emphasise not just the jobs, the tax revenue and the energy security but the transition that is being made to a carbon neutral future. I am a big advocate of reducing carbon emissions more drastically. But that has to be done in a sensible way without wrecking the economy. Enquest are part of the solution as indeed are Harbour and a host of other companies who produce oil and gas do not ignore the science of climate change.
And the wording is always suspect mrc. Do you support world peace, universal suffrage and an end to sectarian strife. Most would say YES but if at the bottom it asked you to pay £5,000 pounds towards these ends you might reconsider.
The climate alarmists have used up most of their ammunition and their threats and promises have come to naught and causing damage to existing industries. I believe that the Scottish people will be the battleground. If you can't get them onside then the renewables movement has failed. The country is after all the major source of UK hydro-carbons and wind.
It depends how you frame the questions.
SNP policies have been driven by the Greens. I can see cons and SNP being supportive of O&G now which will force labour to shift IMHO.
If the Scottish parties support O&G then it is one less source of negative media noise which can influence the general public mood.
Ask the public if they support banning new licences and they will say yes, but that IMO is because the extremist narrative has been unchallenged due to political expediency
AoK - the challenge would need to come from two directions. The costs and evidence that hydrocarbons do not harm the environment.
The flaky claims of the climate alarmists are now being challenged more openly. It was thought once career ending to say you don't believe in ESG or the effects of CO2. Now people are pretending that they never really supported it. With the importance of Scotland in all this I think we are due a major surge. A large part of the SNP's policies were around Net Zero and they have had to abandon their targets and Yousaf might lose a no confidence vote. If there is a Scottish election that could be a referendum on continuing with O&G or treating the industry like criminals.
Labour will take note of the Scottish anger. I'm angry and I'm not even Scottish. The touch paper has been lit. Let's see where it goes? It can hardly worsen the situation for us.
'It is never difficult to distinguish between a Scotsman with a grievance and a ray of sunshine.' and this is a quote from 90 odd years ago when initial renewable discussions were commenced and it was decided to concentrate on wind power as being less controversial than solar which was a rarity in Scotland. The deep-fried Mars bar brealthrough was to change all that.
Sek, yep, understand your point, but this tax is not applied to all businesses, so why can't a minority that is suffering punitively challenge the government? If the tax is based on the making of excessive profits, where are these profits? Why does this tax not allow for all tax losses, other businesses are allowed? I am sorry, sovereign or not, EPL is unfair and has disrupted the market and is damaging the UK economy. If it cannot be challenged, personally, I would de-list from the UK stock market and list elsewhere, still have to pay EPL but the UK Government would not benefit from other future tax revenue.
We have been over this before. What legal challenge could be mounted to primary legislation? The Finance Act 2022 which brought in the EPL was passed by both houses of Parliament. Parliament is sovereign. It makes the law of the land.
I hope they (NS O&G companies) start making noises about a legal challenge a.s.a.p. The companies should all get together (even through the trade association) and put some money in a pot for a legal challenge. Such a challenge may even help the sp if people believed it might be successful. Any successful challenge would have a massive positive impact on the sector whether from increased profits, reserve valuations and economic stability/environment perspectives.
PS I am a VET-shareholder and i do hope the rapacious UK Government will be legally challenged by several oil companies too.