Member Info for Rot1

Just need Millipead to resign now

It's game over, really ! The Russians can't do Ukraine and they have had four years at trying.

Https://youtu.be/wUn5FDMmEAc

Kaberlaba, EPL only affects the UK oil and gas part for the extortionate amount of tax that is claimed.

Just to add to the web cast they appeared to think Rosebank was nailed on and drilling starting very soon with first oil end of 2026, personally would like Millipead to announce it, and see him squirming when he does, they were also banging the drum for Cambo and in talks with partners.

If you dialled into Ithaca web cast at 09.00 this morning they went into hedging in more detail, and Ithaca roughly produces 50 50 oil and gas, although the majority of oil is hedged for 2026 at 60 to 90$ a barrel they have taken advantage of the upside in gas prices that have doubled, of which oil hasn't, they painted a picture of a really good hedging strategy. But I suppose they would.

FPSO

4th Tick, but was a close run thing, Rosebank FOSO has sailed away from Dubai and went through the straits of Hormuz last week.

Nearly third tick, Ithaca has just stated after yesterday's meeting with Reeves, as soon as the conditions allow (Iran) the new mechanism will replace EPL

Second tick Captain 25K a day after completing extended TAR ramping up to 35K when EOR is fully operational.

First tick

EPL hopefully ending soon, Rosebank sailing out, Rosebank approval, Iran higher oil prices, Liebour tone down net zero, Captain ramping up production again. Quite a few positives could come soon.

Might be dead in 20 years time

Any thoughts people ?

Rot

Public and private investment towards cleaner

energy. The money raised by the EPL will contribute towards this public investment. The

Government decided at Autumn Budget 2024 to retain 100 per cent first-year allowances

in the EPL for the oil and gas sector, helping to protect investment and jobs and the

sector will continue to benefit from £84.25 relief for every £100 of private investment.

Additional relief is available for decarbonisation investments.

I note your concerns about the loss of jobs. The Government is committed to partnering

with business and workers to manage our existing fields for the entirety of their lifespan,

supported by a healthy supply chain and highly skilled workforce.

The North Sea FuturePlan was published by DESNZ alongside the Budget and

introduces 'Transitional Energy Certificates' to enable this, giving holders exclusivity over

a specific area of the seabed adjacent to existing licenced blocks. This will support oil

and gas workers, supply chains and communities - particularly in areas such as North

East Scotland and the North East of England - recognising the important role that oil and

gas will continue to play for decades to come.

The Government has also announced a new Jobs Brokerage Service - offering end-to-

end career transition support for oil and gas workers. This builds on the expansion of the

Energy Skills Passport to new roles and sectors, and up to £20 million funding for the

Transition Training Fund from the UK and Scottish Governments, building on the

success of our Aberdeen skills pilot.

Thank you for taking the time to make us aware of your concerns.

Yours sincerely,

Correspondence & Enquiries Unit

Correspondence & Enquiries Unit

1 Horse Guards Road

London

SW1A 2HQ

www.gov.uk/hm-treasury

Peter D--------

By email

21 January 2026

Our reference: TO2025/27617

Dear Peter D--------,

Thank you for your correspondence dated 18 December to the Chancellor of the

Exchequer about the North Sea. As it is not practical for ministers to respond personally

to all the correspondence they receive, I have been asked to reply.

The Government is committed to managing the North Sea in a way that ensures a fair,

orderly and prosperous transition, while recognising domestic oil and gas will continue to

have a role in the energy mix for decades to come.

On tax, we are taking a responsible and proportionate approach which recognises the

ongoing role of the oil and gas industry and workforce in our current energy mix while

ensuring the sector contributes more towards our energy transition.

The oil and gas sector is forecast to raise around £10.2 billion in tax receipts between

2025/26 and 2030/31. The Energy Profits Levy (EPL) has already raised just under £12

billion since its introduction in 2022 and is forecast to raise around £8.5 billion between

2025/26 and 2030/31. This revenue will support vital public services.

The Government recognises the importance of building stability and certainty in the oil

and gas fiscal regime. That is why at Budget 2025 the Government announced that a

new Oil and Gas Price Mechanism (OGPM) will replace the EPL when it ends in March

2030, or earlier if the EPL's price floor ("Energy Security Investment Mechanism")

triggers. The OGPM will adopt a revenue-based approach, to deliver a fair return to the

UK public when oil and gas prices are unusually high, with a rate of 35 per cent and, for

the 2026/27 tax year, thresholds of $90/barrel (oil) and 90p/therm (gas). The thresholds

will be adjusted annually in line with inflation.

When the temporary EPL ends, the regime will return to the 40 per cent rate, along with

the new OGPM which will only apply when prices are unusually high.

The transition from oil and gas to a greener economy will involve close collaboration

between the Government, devolved governments, skills bodies, trade unions and

businesses to ensure our offshore workers lead the world in the industries of the future.

We will be continuing engagement with industry on the draft legislation and

implementation of the OGPM, to ensure the regime is ready to operate if required, and

to consider the potential impacts of an early end to the EPL due to falling prices.

Through this continued engagement the Government wants to work with industry and

other stakeholders to develop an approach that will give the sector certainty and the

predictability they need to keep investing, while ensuring they pay their fair share of tax

on excess profits in the future.

While we recognise that oil and gas will continue to have a role in the energy mix during

the transition, we also need to drive public

Had a reply back from the Chancellors department, if I read this right year 2026/2027 tax year they appear to have changed the price for oil to $90 a barrel and gas 90p a therm and do mention they may consider an early end to EPL. I will reply for clarification on this unless it was a typo but doesn't look like it. So slightly better reply than what i thought, but hopefully they will be gone by the next election, possibly good buying opportunity if you can wait that long.

Chancellor,

I would like to write to you regarding the excessive North Sea tax on Oil and Gas companies that is stifling investments. I have worked in the industry since I was 21 years old, I am now 61, and i have seen the decline in the industry over the last few years through lack of investment, 78 % tax on profits is unprecedented no company will ever invest if there is no profit for the company or shareholders, at a time when you want people to invest in companies and the stock market.

Ed Miliband will go down in history as the Thatcher of the North Sea Offshore industry. May I point out the jobs offshore and services industries are excellent high paid jobs on a scale no other industry comes close to and they are spread throughout the UK. We are going to increase our imports of Oil and Gas from Norway and other countries at the expense of our industry, it is madness on a scale I have never seen before, and the exchequer is also loosing out on every way you look at it as this government made decline in this industry, new green energy income and jobs is for the birds, you really need to to look at the infrastructure of the business and once it's gone it's gone for ever, and we will still import other countries oil and gas.

Yes the original EPL was when oil and gas spiked through the Ukraine war, but oil is at historic low levels, but it seems it is tied to the gas price, most offshore companies mainly produce oil off Aberdeen and they are still penalised, oil as I write is $59 a barrel there will be no profit there for no tax, surely it is time to bring in your new Scheme that is scheduled for 2030 and get investment and save the jobs and get new high paid jobs for all sorts of backgrounds from catering to designers and engineers, 2030 is 4 years away the amount of jobs lost and votes lost you will never come back.

Please reply when you can, i hope you have read this and if i could only speak to you.

The Goverment are really going down the wrong policy with this.

Rosebank and Jackdaw projects should be given top priority as soon as possible to go ahead.

Regards

Captain 35k bpd and looking to 2026 to 40k just need this Labour government to realise the tax on the North Sea operations is restricting further investment, in any case there will be a change of government next time round, admitted a long time off but there will be a change in the tax regime. With good dividends it's a hold/ buy from me.

CEO Luciano Vasques, says Rosebank FPSO in the final stages of commissioning in the Dubai, it's looking good for the future.