Windfall tax rethink31 Jul 2023 09:40
Not a moment too soon, going for the North Sea oil vote as labour and SNP flounder on this. Porbably not work though with the votes but Harbour should benefit on any changes.
Due a rerate or upgrades surely.
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Daily Telegraph - Government rethinks oil and gas windfall taxes
The Government has signalled that it will rethink its windfall taxes on oil and gas profits as the Prime Minister announces hundreds of North Sea oil contracts.
The Treasury has already committed to keeping the so-called Energy Profits Levy in place until March 2028 as companies saw their earnings surge after Putin’s invasion of Ukraine.
However, today ministers launched a call for evidence seeking views on the “evolving context for taxes” on the sector over the long term.
Rishi Sunak said the projects were vital for Britain’s energy security amid the war in Ukraine and pointed to new analysis showing domestic gas production has around one-quarter the carbon footprint of imported liquified natural gas.
Rishi Sunak will travel to Aberdeenshire to reveal that North East Scotland and the Humber have been chosen as the locations for two new carbon capture usage and storage clusters, which could support up to 50,000 jobs.
The Prime Minister said a quarter of Britain’s energy needs will be met by oil and gas even if Britain meets its net zero targets by 2050.
Mr Sunak said: “We have all witnessed how Putin has manipulated and weaponised energy – disrupting supply and stalling growth in countries around the world.
“Now more than ever, it’s vital that we bolster our energy security and capitalise on that independence to deliver more affordable, clean energy to British homes and businesses.
“Even when we’ve reached net zero in 2050, a quarter of our energy needs will come from oil and gas. But there are those who would rather that it come from hostile states than from the supplies we have here at home.
“We’re choosing to power up Britain from Britain and invest in crucial industries such as carbon capture and storage, rather than depend on more carbon intensive gas imports from overseas – which will support thousands of skilled jobs, unlock further opportunities for green technologies and grow the economy.”