RE: EPL article in Telegraph30 Apr 2023 19:28
Contact your MP (especially if they're Conservative) I just emailed mine
(I don't mind admitting I cribbed most of it from the comments on DT article)
ref: North Sea 'windfall' Tax
To: alexander.stafford.mp@parliament.uk;
30/04/2023 18:21
Dear Alexander
I take issue with the ruinous so called 'windfall' tax (EPL) imposed on oil companies operating in the North Sea.
These are mostly smaller UK companies, without the means of the giant 'major' O&G Co.'s
Punishing them with massive tax rates only results in loss of investment, jobs and a viable strategic industry.
(if it's a windfall tax, how come it's been extended to 2028, when already oil prices are falling, and profits are much less now)
As regards the ECO credentials of such a policy, we will be using Oil/Gas for many years to come and,
increasing the import of both leaves us strategically vulnerable, and does nothing to reduce CO2.
Natural gas from the North Sea has an average emission intensity of 22 kgCO2e/boe;
whereas imported LNG has a significantly higher average intensity of 59 kgCO2e/boe.
This does not help meet the Government’s net zero agenda. In fact it's quite the opposite.
It nearly triples the carbon impact for every boe gas no longer extracted from home.
What we need is a sensible tax policy that encourages UK sourced oil and gas over foreign imports
best regards
(name witheld)