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Titles in FT - i don't have access to the articles yet- don't lie : 1) "North Sea executives tell Reeves windfall tax is weighing on investment" Warning comes as Harbour Energy says it will axe 100 of its offshore workforce after chancellor kept headline 78% levy 2) "Europe should repeal the directive that’s killing growth" It badly needs access to reliable fossil fuels from dependable allies like the US 3) "The UK Budget’s energy price cut won’t stop bills from rising"

Neither the size nor the composition of the reduction addresses the system’s underlying problems

UK windfall tax blamed for 1 in 6 reduction of offshore workers.

https://www.energyvoice.com/oilandgas/north-sea/586060/harbour-energy-cuts-another-100-north-sea-jobs/

Harbour Energy has announced plans to cut another 100 jobs from its North Sea workforce citing the UK’s punitive tax regime.

It is the latest round of UK job cuts for the firm after it slashed 250 “onshore” office roles earlier this year, after having shed 350 workers in 2023.

Since 2023, Harbour has reduced its headcount by approximately 600 – around half of the people it employed two years ago.

The announcement Monday affects the firm’s UK offshore workforce, which numbers around 650.

Scott Barr, UK business unit managing director, laid blame for the reduction firmly at the door of UK fiscal policy after Chancellor Rachel Reeves refused to reform the North Sea energy profits levy (EPL) in last week’s budget.

Trade body Offshore Energies UK warned that the UK’s maintenance of the levy, which makes the UK one of the most highest taxed oil and gas production areas in the world, would cause 1,000 job losses per month.

Barr said: “This review is necessary to ensure Harbour Energy’s UK business remains competitive as we continue to adapt to a challenging future.

“The UK oil and gas sector faces sustained pressure from lower commodity prices and an uncompetitive tax regime, worsened by the government’s decision to retain the energy profits levy in the recent Budget.

“The offshore reorganisation is a necessary step to align our operating model with reduced activity and production levels in the UK, accelerated by the retention of the EPL, while maintaining our commitment to safety and regulatory standards.

“Harbour’s UK business unit will continue to struggle to compete for capital within our global portfolio while the EPL remains. The future structure of our offshore workforce must adapt to reflect these realities.

“While we must deliver this essential change, we recognise the next few months will be difficult for colleagues. We will work closely with those most affected and provide support throughout the process.”

Consultation will begin December 1 and is expected to conclude in Q1 2026.

From article in Times today :

"The loss of control of UK inflation has been triggered by decisions taken by MPs in Westminster. One policy area stands out more than most. In the mid-2000s the UK had the same industrial electricity costs as the United States. At 3.8p/kWh the UK’s electricity costs were the same as the average of all the countries that are members of the International Energy Agency (IEA). Two decades on, this price has risen six-fold. UK electricity prices are now the highest in the IEA, and 2.5 times higher than US industry electricity prices. This permeates all parts of the economy from the hairdresser’s heating its salon, to the pub warming its bar area, to the manufacturer powering its machines. Hyperscalers are not going to bring their AI-fuelled activity to the UK given their huge appetite for energy. Almost every domestic price, at some stage in the production process, comes into contact with energy costs.

While some of this higher energy price — particularly since 2022 — has been the result of volatile gas prices associated with the Ukraine war, that commodity price has now reverted close to its pre-war level. Yet the prices facing business remain penally high. In November, Neso, the National Energy System Operator, released a discouraging report on the outlook for UK gas supply security. The UK is on track to supply just 3 per cent of its own peak gas demand by the winter of 2035, having supplied an average of 36 per cent over the last decade.

More maddening still is that the shortfall is being filled by Norwegian supply from the same geological area as the UK, or by more polluting and less secure imported liquefied natural gas (LNG) from countries such as the US and Qatar. It is hard to think of a more damaging policy for living standards, for inflation, for tax revenue and for growth than the UK’s approach to securing a stable supply of natural gas. This failure also enables alternative suppliers of energy to the UK to keep their prices elevated, rather than face the scrutiny of competition. "................

"The real killer for UK economic growth, however, is that this abject failure in one sector — energy — has permeated through the entire economy as MPs have chosen to embed energy-driven price increases in regulated prices for labour, for pension payments, and in the tariffs of key goods and services. The national living wage, the triple lock, and the prices for water, transport, telecoms, and electricity all take some form of the previous year’s inflation rate and apply it to future prices. Prices in an efficient economy respond to supply and demand conditions to send important signals to suppliers and consumers. The UK has taken large parts of the economy and removed this price signal, and diluted the message that prices should send on where to allocate investment, and where to consume."

https://www.thetimes.com/business/economics/article/westminster-kill-uk-economic-growth-795r0grhp

The former head of Oil & Gas UK has warned that Labour’s Autumn Budget has “signed the official death warrant” of the North Sea oil and gas industry – and says Aberdeen must brace for a downturn.

Malcolm Webb, who led the industry body (now Offshore Energies UK) for more than a decade, said the continued 78% tax rate on oil and gas shows government intends to close down North Sea industry.

“It is truly dreadful stuff delivered with bad intent,” he said. He called on the industry and its trade bodies to speak out.

“They need to be open, severe, and unrelenting in their criticism of this awful industrial mess, energy incoherence and human misery which this government is now clearly delivering.”

Mr Webb said the government’s Energy Profits Levy and the new North Sea Future Plan will push skilled workers, investment and equipment out of the north-east. “I fear the process of elimination will be effectively complete by 2029,” he warned.

Thousands of jobs are at risk and local supply chains could also struggle to survive as investment leaves the region.

“I do believe that the industry will eventually be revived, both onshore and offshore,” he said.

“Sadly, though, not before the great majority of the people currently employed in it have been laid off.

“It will also not come back offshore as strong as before, due to the likely loss of so much important infrastructure.”

Earlier this month, he told the Press and Journal Aberdeen should “prepare for the worst”.

He also criticised the government’s net zero targets as unrealistic and harmful to domestic energy production.

“Eventually the lunacy of UK Net Zero 2030 and 2050 will be realised and hydrocarbons will again be explored for and produced in the UK,” he said.

“But that will be for some time in the future and after a very great deal of unnecessary loss.

“For now, and the coming few years, we will continue to suffer from the industrial and employment vandalism of this Labour government, led on energy issues by a team of badly informed and ill-advised zealots.”

He added: “Who would have thought that Just Stop Oil would become UK government policy?”

https://www.energyvoice.com/oilandgas/north-sea/585956/death-warrant-for-north-sea-former-oil-and-gas-uk-boss-on-autumn-budget/

Ed Miliband insists ‘we listened’ — before ignoring windfall tax pleas

North Sea budget plea to save jobs and unlock billions of investment ‘was not possible’.

https://www.energyvoice.com/renewables-energy-transition/585928/exclusive-north-sea-budget-plea-ed-miliband/

Ed Miliband says the Labour government “listened” to North Sea workers and industry before turning down their biggest demand to reform the windfall tax and unleash billions of investment.

It was just too expensive, he tells The P&J as the furious reaction continues to mount up from north-east business leaders after the UK Budget announcement on Wednesday.

His position seems in stark contrast to a Chancellor’s speech which made nearly no mention of offshore energy, and failed to make any change to the controversial Energy Profits Levy (EPL).

Groups including Offshore Energies UK (OEUK) had come up with an alternative. They say failure to act will cost thousands of jobs and accelerate decline.

But Mr Miliband sees upsides, and he wants to draw attention to a North Sea strategy which allows drilling near existing fields – called tie-backs – and focuses on a shift to clean energy.

“It’s an important moment,” he tells the P&J over the phone after the Budget.

“We’ve listened to North Sea communities, industries and workers and this is, in my view, a pragmatic response designed to ensure a fair and prosperous transition.”

It also follows two election commitments: one banning new licences for exploration, and one to manage existing fields.

He wants North Sea workers to continue to power industry now and in the future, using offshore wind, carbon capture and other new technologies.

Is the Energy Secretary not triggering a faster more painful decline?

Mr Miliband reflects: “The comments I’ve seen from the chamber of commerce and the OEUK I think recognise we’ve been pragmatic on the licences position.

“Obviously, there’s a feeling in the industry that they would have liked movement on the EPL. I do understand that.

“The Chancellor has to make judgements at what is affordable within the fiscal situation she’s in, she’s looked really hard at this.”

He added: “I understand people in industry would have wanted her to go further, that’s obviously been clear, and I’m sure the Chancellor understands that.

“But she has to make a balanced judgement within all of the pressure she faces.”............................

The gaffe-prone Office for Budget Responsibility (OBR) estimates oil and gas revenues will be almost wiped out by 2030.

Taxes raised from the North Sea are expected to be nearly wiped out in coming years according to the latest estimates, raising fears over plans to invest in the energy transition.

The UK’s Office for Budget Responsibility (OBR) – which proved a little less responsible when it experienced a leak of the details of the UK autumn budget before the Chancellor could present it to parliament – said tax receipts will fall from £2.7 billion in 2025/26 to just £300 million by 2030.

OBR said tax revenues had already taken a £2.5bn hit from last year, reflecting a “significant” decline in oil and gas prices as well as the impact of mergers and acquisitions.

Meanwhile, Sheena McGuinness at RSM warned the collapse risked the funding due to the UK’s £8.3bn energy transition investment body, Great British Energy.

McGuinness said: “The government revised the EPL forecasts downwards, in line with historical trends demonstrating the shrinking tax base and casting further doubt on the funding for GB Energy, upon which there was no update on the revised source of funding for the energy investment company.

“In July 2024, 75% of the £8.3bn capital was ear marked for GB Energy from the £1.2bn per annum forecast additional EPL revenues, when the 3% increase was announced.”

McGuinness , the auditor’s co-head of energy and natural resources, added: “Our energy transition won’t happen overnight, and our future energy policy needs to consider all aspects of the complex landscape to get it right. Embedding the right mix of power generation, infrastructure and skills to deliver on the promise of lower energy bills, high paid jobs while tackling the climate crisis, will all take time and investment.

“One key missing piece of the puzzle today was upgrading our infrastructure. Only 63% of domestic energy which could have been generated made it into the grid, with the remainder subject to a balancing mechanism. This includes curtailment payments where generators are paid not to produce clean energy because the grid can’t absorb it, which is counterproductive and costly.”

James Hosie, equity analyst for broker Shore Capital said: “Despite OBR forecasts that indicate tax revenues from oil and gas extraction are rapidly dwindling to a rounding error in UK government finances, the EPL is set to remain unchanged until March 2030.

“The oil and gas industry hoped the chancellor had got the message that inaction was killing investment and costing jobs and the EPL needed to be reformed urgently. Instead, it got details of an EPL successor regime that could be largely irrelevant by the time it takes effect in 2030.”

UK could be hit by gas shortages in 2030s, energy system operator warns

Report raises questions over government’s energy strategy as North Sea production falls

https://www.ft.com/content/7c5bd445-c458-42f8-93cd-9d8d932c227f

Energy security at risk as grid is forced to rely on foreign suppliers

https://www.telegraph.co.uk/business/2025/11/27/britain-gas-shortages-north-sea-output-plummets/

Britain faces the risk of severe gas shortages as plummeting North Sea production leaves the country dangerously reliant on imports, the UK grid operator has warned.

In a report published on Wednesday, the National Energy System Operator (Neso) said gas production was poised for a steep decline because of Labour’s energy policies – posing a risk to Britain’s energy security as the grid becomes in hock to foreign suppliers.

Neso’s analysis came after it assessed the impact of Labour’s ban on new exploration and the 78pc tax rates imposed on North Sea gas producers.

According to the energy body, gas availability will be 78pc lower by 2035 compared with today – equivalent to a decline of up to 13pc a year.

It also warned that the amount of gas produced by the North Sea this year will decline by over 80pc – from 27 billion cubic metres (bcm) to just 5bcm by 2035 – making the UK massively reliant on supplies from Norway, the US and Qatar.

“During periods of peak demand in the 2030s, we expect GB’s import dependency could rise above 90pc,” said the report.

“Our analysis identifies an emerging risk to UK gas supply security. In scenarios where all gas supply and network infrastructure are operational, this risk is evident only where peak gas demand remains close to or above current expectations.

“However, in the unlikely event of the loss of the single largest piece of gas infrastructure, gas supply falls short of demand.”

The reference to gas infrastructure refers to the potential failure of the pipelines feeding Norwegian gas to the UK or to a liquefied natural gas (LNG) terminal going offline.

Norway supplies nearly half the UK’s gas via North Sea pipelines – but it too is running out, with production set to halve between now and 2035, Neso warned.

The findings contradict Ed Miliband’s pledge to make the UK less reliant on imports and on “petrostates”.

Claire Coutinho, the shadow energy secretary, said: “This report should be a wake-up call. It shows that the UK is in the midst of a gas supply crisis made in Whitehall by Ed Miliband and Rachel Reeves, who have created an unprecedented, policy-driven decline of North Sea gas production.”

Chris Wheaton, an analyst at Stifel, said Neso could even be downplaying the threat: “We think Neso forecasts are too optimistic. We forecast gas production to decline by 70pc by 2030 due to the impact of the windfall tax.

“That suggests the UK will run out of LNG import capacity as early as 2031, as the current import terminals reach the maximum rate they can deliver gas into the UK grid during winter. The best way to ensure security of gas supply is to maximise domestic gas production.”

Except it was Jeremy Hunt who plucked the numbers out of the air, Romaron. But i fully agree Ed has been underestimated by all. He is not "Sillyband", he is the most dangerous politician in the UK.

(continued)

the trade body will meet with its 450 member companies to discuss their next moves as they continue to seek the epl’s replacement beyond 2026.

“this is not over,” whitehouse added. “we will keep pressing for change – this industry’s people, their communities and the value of this strategic national asset are too important to dismiss. the government was warned of the dangers of inaction – they must now own the consequences and reconsider.”

a spokesperson for harbour energy perhaps summed up most of the energy sector’s feelings on the budget: “we’re disappointed with the outcome.”

they added that they are examining the details.

from the political side, conservative shadow energy security minister and shadow secretary of state for scotland andrew bowie said: “in this disastrous budget, labour have chosen to sell out scotland’s energy future with the epl.

“it is destroying jobs in the north east while ministers turn away from overwhelming evidence and expert advice on the damage it is doing.

“keeping it now, even as the revenue it produces trickles dry, shows complete ignorance of reality.”

scottish conservative mp for gordon and buchan harriet cross took a swing at labour, saying the decision not to scrap the epl was “outrageous”.

“this is a horrendous announcement that could sound the death knell for the industry,” she added. “highly skilled oil and gas workers are now living in fear as a direct result of labour’s shameful, idealistic desire to close down this vital sector.”

the snp were no less scathing than the conservatives, as the party’s westminster leader, stephen *****, said: “the labour party’s tax on scotland’s energy will continue to cost jobs, put at risk our energy security, economic opportunity and the pathway towards building a new renewable energy industry alongside a world class oil and gas sector.

“professor underhill at the university of aberdeen deserves enormous credit for driving forward this sensible proposal on licencing, but we can’t escape from the fact that 1,000 jobs are being lost each month because of the labour party’s tax on scotland’s energy.”

and while the tiebacks plan offered a glimmer of hope for the energy sector, it attracted criticism from the green side of the political spectrum.

scottish green msp patrick harvie warned: “any move to allow more new drilling will have a devastating impact for people and planet. it is a u-turn that will have catastrophic consequences for our climate.

“there is no environmentally friendly way to expand drilling in our north sea, and it is utterly reckless for labour to be backtracking like this.

“the climate crisis is getting worse, but our governments are retreating and doing even less to stop it. we’ve seen nothing but climbdowns, u-turns and backtracking from both holyrood and westminster.”

Industry figures had hoped Labour would pick up an alternate energy profits levy tax regime from 2026.

https://www.energyvoice.com/oilandgas/585840/uk-budget-windfall-tax-reaction/

Despite throwing the North Sea energy industry a bone in the form of tieback licences, chancellor Rachel Reeves has dashed hopes of an early retirement of the energy profits levy (EPL).

The 78% tax rate, also known as the windfall, will stay in place until 2030 under a previously announced plan, despite industry calls for it to be replaced sooner with a more progressive tax.

In fact, the energy industry was left feeling forgotten as Reeves’ hour-long speech to the House of Commons didn’t mention the North Sea once.

Aberdeen and Grampian Chamber of Commerce (AGCC) chief executive Russell Borthwick said: “Without so much as a mention in the chancellor’s statement today, the UK government has instead opted for a cliff-edge end to North Sea production and to tax the industry to death inside five years. Jobs will be lost in their thousands as a direct result of this government’s failure to act.”

He said that their tiebacks policy, where operators can apply for limited exploration and production licences so long as their projects don’t require fresh infrastructure, admits that Labour’s “policy towards a sustainable future for the North Sea is completely and utterly flawed, risks terminal damage to the UK’s energy security and is proving economically ruinous.

“But limited flexibility on licensing is immaterial if those companies producing the energy we need are taxed at a crippling rate of 78% until 2030. They cannot invest or survive while the EPL remains in place.”

An alternative version of the EPL put forward by industry was forecast to have the potential to deliver over 100 projects, £50billion of investment and protected around 160,000 jobs, along with offering an extra £10 bn in tax revenues over the next decade.

Offshore Energies UK (OEUK) also weighed in to condemn the decision, warning that the “bitter blow” will cost tens of thousands of jobs, cripple investment, and undermine Scotland and the UK’s energy security.

OEUK chief executive David Whitehouse said: “Today, the government turned down £50 billion of investment for the UK and the chance to protect the jobs and industries that keep this country running. Instead, they’ve chosen a path that will see 1,000 jobs continue to be lost every month, more energy imports and a contagion across supply chains and our industrial heartlands.

Chancellor Rachel Reeves retains windfall tax on oil and gas despite pledging 'growth agenda'.

https://www.energyvoice.com/renewables-energy-transition/585827/uk-autumn-budget-2025-energy-highlights/

Chancellor Rachel Reeves has dealt a major blow to thousands of workers and employers in the North Sea by refusing to meet demands to reform the wind fall tax on oil and gas.

However, in a separate announcement to the 2025 budget announcement, the UK has adopted plans to extend existing oil and gas fields in its North Sea future plan.

The Department of Net Zero and Energy Security (DESNZ) said it will will introduce transitional energy certificates which will enable limited oil and gas production on or near to existing fields – so long as this additional production does not require new exploration and is already part of or links back to existing fields and infrastructure, and is necessary for a managed, orderly and prosperous transition.

The licence extension was flagged following consultation with Aberdeen University’s John Underhill, who developed a plan allow tie backs from unproduced discoveries to currently producing fields.

Early reaction to the lack of reform to the energy profits levy, or the wind fall tax, was understandably disappointing after the industry mounted a vociferous campaign demanding changes that would save thousands of jobs and investment.

Alan Stewart, Aberdeen-based partner at MHA, accountancy and business advisory firm: “With no movement on the energy profits levy, the uncertainty facing the sector remains unchanged.

“Companies cannot plan effectively without a stable long-term framework, and today’s outcome does little to address the hesitation already evident across investment decisions. A 78% tax rate continues to cast a long shadow over activity, pausing projects, slowing commitments and weakening confidence throughout the UK’s wider energy ecosystem.

“As things stand, the industry is left without the clarity required to support a balanced energy mix or deliver a fair and orderly transition. Stability is essential for maintaining secure domestic supply and for giving businesses the confidence to invest in both current production and future technologies.

“The effects extend well beyond operators. Local businesses, supply chains and regional economies across the UK all feel the impact when uncertainty endures. Without a consistent and durable approach, the UK risks prolonging a period of caution at a time when the demands on energy security and long-term planning have rarely been greater.”

OEUK hosted a shin dig which celebrated ‘excellence in decommissioning’

EnQuest and Able were recognised for their efforts in the decommissioning space at Offshore Energies UK’s (OEUK) Excellence in Decommissioning Awards.

On Tuesday night, the pair were named the top-performing operator and supply chain company, respectively.

The trade body’s head of decommissioning, Ricky Thomson, said: “These prestigious awards recognise the remarkable individuals and organisations whose dedication and achievements have propelled the UK’s offshore decommissioning sector to new heights.

OEUK said that it awarded EnQuest the award for setting an “exemplary benchmark for safety and cost performance, delivering its decommissioning programme ahead of schedule and under budget, with no significant incidents reported”.

https://www.energyvoice.com/oilandgas/decom-oilandgas/585765/enquest-and-able-honoured-at-decommissioning-awards/

John Swinney calls time on ‘laughable’ windfall tax in last-minute budget plea for north-east jobs

The First Minister claims the levy on profits is driving a more rapid decline in the North Sea.

https://www.energyvoice.com/oilandgas/north-sea/585710/john-swinney-calls-time-on-laughable-windfall-tax-in-last-minute-budget-plea-for-north-east-jobs/

John Swinney is making a direct plea to the Chancellor to scrap the energy windfall tax in the budget tomorrow and save jobs across Aberdeen and the north-east.

Attacking Labour government policy, he warns: “There was a time when the oil and gas giants were making windfall profits – but those days ended years ago.

“The idea that there is any North Sea windfall to tax is now laughable.

“Instead, all the windfall tax is now doing is costing jobs and driving a more rapid decline in the North Sea.”

Demands to reform the windfall tax have united industry leaders in oil, gas and renewables, forcing the policy to the top of the agenda.

Critics of the tax, known as the Energy Profits Levy, say it is responsible for risking the loss of 1,000 direct and indirect jobs every month.

Energy Voice sister paper The P&J published an open letter to Prime Minister Sir Keir Starmer this month outlining the deep concern about mass job losses if the energy industry continues to be targeted.

And analysis appears to back up those fears.

Mr Swinney, writing in The P&J today, says the SNP Government has been making the case privately and publicly for months.

However, the SNP has also come under fire for being too vague in recent years on support for oil and gas.

Mr Swinney wants to take advantage of the “second energy lottery” with a twin track push for renewables.

“Instead of matching the pace of change, instead of the parallel track, the UK Government has chosen to accelerate the decline in oil and gas,” he says.

“The windfall tax was introduced by the Tories and continued beyond all justification by Labour.”

He highlights the shock closure plan at Mossmorran in Fife as more evidence of a “gap” between industries.

The gap is now so wide, it will take UK Government action – including at the budget on Wednesday afternoon – to make a change, he argues.

..........................

In 2 articles from today

1) A report by trade body Offshore Energies UK (OEUK) has estimated costs spent on decommissioning will soon surpass the amount invested in oil and gas production as early 2028, driven by spiralling inflation in the sector.

This flip will come as much as a decade earlier than expected and is driven largely by industry reaction to the UK government’s windfall tax, the energy profits levy (EPL), which has caused operators to bring cessation of production (CoP) plans forward.

https://www.energyvoice.com/oilandgas/decommissioning/585654/north-sea-decommissioning-spend-breaks-through-2bn/

2) Equinor plans 250 oil and gas exploration wells in Norway by 2035

After scaling back its green ambitions, the Norwegian energy company behind the Rosebank field is planning to sustain its oil output over the next decade

https://www.thetimes.com/business/companies-markets/article/equinor-plans-250-oil-and-gas-exploration-wells-in-norway-by-2035-0nfwc60h7

I am sorry to say i agree with you, Dumbly.

North Sea windfall tax reform would lead to £15bn revenue boost, offshore sector claims

Offshore Energies UK claims reforming the energy profits levy windfall tax would increase UK tax receipts over 10 years.

Reforming the windfall tax on North Sea oil and gas firms in 2026 will lead to a £15.7 billion boost in UK government tax receipts over 10 years, a trade body has claimed.

Offshore Energies UK (OEUK) said introducing a permanent successor to the energy profits levy (EPL), ahead of the current 2030 end date, would increase tax takings from £32.9bn to £48.6bn.

The trade body said this figure includes an extra £7.5bn in payroll taxes from jobs sustained in the offshore sector.

It also includes a further £6.3bn in extra corporation tax from oil and gas operators, and £4.6bn from the new oil and gas price mechanism alongside “wider tax contribution from the UK supply chain [and] midstream infrastructure”.

OEUK said its analysis “demonstrates that even within the next five years, the reformed tax scheme would pay for itself”.....

The trade body said while there would be a “short-term reduction in production tax receipts” if the EPL changes were introduced next year, this “would be offset by sustained payroll and corporation taxes alongside wider economic gains”.

OEUK said it estimates the proposals would unlock £50bn worth of UK oil and gas projects, sustain “tens of thousands of jobs” and deliver higher overall tax revenues.

The organisation claims around 111 North Sea projects are “economically viable in the right conditions”, representing 3.25 billion barrels of oil and gas reserves.

Overall, OEUK said these projects could add around £75bn of value to the UK economy by 2035..................

OEUK chief executive David Whitehouse said the industry’s proposals will “unlock immediate investment”.

“We recognise the pressures facing the economy and our proposals shows a path to growth through making the most of homegrown energy,” he said.

Whitehouse said reforms to the EPL would also sustain the supply chain and industrial capabilities needed across energy transition sectors like offshore wind, carbon storage and hydrogen.

“The future of the North Sea is in our hands,” he said.

“​Our message to government is simple: Reform the EPL in 2026 to unlock more tax not less, support more jobs not less and deliver more homegrown energy not less.”

https://www.energyvoice.com/oilandgas/north-sea/585666/north-sea-windfall-tax-reform-would-lead-to-15bn-revenue-boost-offshore-sector-claims/

Windmill parks and solar farms are all but a bucolic landscape imho, Romaron. But i get your point.

Aberdeen business giants Sir Ian Wood and Martin Gilbert’s three Budget demands

They warn North Sea oil and gas companies are "haemorrhaging" investment.

Aberdeen business titans Sir Ian Wood and Martin Gilbert have issued three key demands ahead of next week’s Budget.

They warn the north-east risks losing the very workforce that built its world-class energy sector.

In a strongly worded joint statement, the pair say the region is now at a critical moment.

They argue that without decisive action, investment is fleeing the North Sea and the region’s oil and gas workforce is at risk.

The north-east, they say, is uniquely positioned to become a global leader in offshore renewables – but only if enough companies and skilled workers remain anchored in the region to deliver it.

With Budget decisions now days away, Sir Ian and Mr Gilbert are urging the Chancellor to take three immediate steps:

1) End the windfall tax in the next financial year

2) Approve shovel-ready North Sea projects within weeks

3) Reverse the ban on new oil and gas licensing without delay

“These measures would inject much needed economic growth in the UK economy and deliver the fair and just transition that has been promised for the very same workers,” they argue.

“They will be critical in achieving the UK’s energy security for generations to come.”

The business leaders highlight the impact of a “punitive” fiscal and regulatory regime, particularly the Energy Profits Levy.

They say investment is “haemorrhaging” out of the North Sea and forcing the UK to rely on more expensive, carbon-heavy energy imports.

“There is no doubt that north east Scotland, given its renowned subsea engineering prowess and its proximity to an unrivalled pipeline of projects, is ideally positioned to be a genuine global leader in the commercialisation of offshore renewables when they, in time, become available,” they add. “That is a future that should excite us all.

“But it is a future that can only be realised if we have a critical mass in companies located here to deliver them and, right now, we are losing them, and the people they employ, at an alarming rate.”

With the UK government itself admitting oil and gas will remain essential beyond 2050, the letter argues it is “common sense” to support domestic supply.

Yet the windfall tax has achieved the exact opposite whilst simultaneously delivering a massive decline in revenues for the Treasury compared to what it was intended to raise,” the pair write.

“Put bluntly, the current position is economically and environmentally incoherent.”