All the updated news related to energy profits levy

All the news related to energy profits levy updated in real time

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Do not let windfall tax run beyond 2025, energy chiefs tell PM candidates

An oil and gas body has urged the candidates in the running to become prime minister to scrap the windfall tax on profits as soon as possible. In open letters to both candidates, Offshore Energies UK claimed the sector would pay about £13.8 billion ...

12 Aug 2022 at 01:01

City

Gas producer Serica to offset ‘large element’ of windfall tax

One of the UK’s biggest gas producers has said it will be able to offset a “large element” of the new windfall tax that the Government has put on North Sea explorers. Serica Energy said it is planning to spend around £60 million on two projects in ...

06 Jun 2022 at 12:45

UK faces being ‘starved’ of North Sea power warns energy firm boss

A leading oil and gas producer has warned the UK could be “starved” of North Sea energy under Labour energy plans. Labour leader Sir Keir Starmer last week said the party would grant no licences to explore fresh fields in the North Sea, calling a ...

27 Jun 2023 at 08:46

City

Harbour Energy warns of job cuts because of rise in windfall tax

The UK’s biggest independent oil and gas company has told staff that it is planning to cut jobs, sources said, as the business confirmed it was reviewing its organisation in the country. Harbour Energy, which employs about 1,500 in the UK, said ...

18 Jan 2023 at 15:39

Scottish Tory leader rejects claims he threatened to quit over windfall tax plan

Douglas Ross has rejected claims he was on the verge of resigning as Scottish Conservative leader in a row over the windfall tax extension. The Telegraph newspaper reported Mr Ross had heated conversations with Prime Minister Rishi Sunak and ...

07 Mar 2024 at 17:20

Government extends windfall tax on oil and gas companies

The windfall tax on oil and gas companies will be extended for another year as higher oil and gas prices look likely to stick around. Chancellor Jeremy Hunt said that the energy profits levy, which charges oil and gas companies an extra 35% ...

06 Mar 2024 at 16:18

Extending windfall tax on energy firms was ‘difficult decision’, says Chancellor

Chancellor Jeremy Hunt has conceded his decision to extend the windfall tax on oil and gas firms is “difficult” for Conservatives in north-east Scotland. However, he insisted increasing the lifetime of the energy profits levy by a further ...

07 Mar 2024 at 10:38

Scotland

Chancellor urged to go easy on windfall tax amid low confidence in oil and gas

The Chancellor has been urged to abandon plans to raise and extend the windfall tax on oil and gas companies after a survey found confidence in the sector has hit a record low. Research by the Aberdeen and Grampian Chamber of Commerce ...

14 Oct 2024 at 21:18

UK could face importing 70% of oil and gas needs by 2030, new report warns

The UK could have to import 70% of its oil and gas demand by the end of this decade if there is not “sustained investment” in the sector, industry leaders have warned. It comes after a report said production from the North Sea fell ...

03 Sept 2025 at 00:01

Scotland

Failure to end profits levy will ‘sound death knell’ for North Sea oil – Tories

Rachel Reeves will “sound the death knell” for North Sea oil and gas unless she removes the energy profits levy (EPL) in the Budget, the Scottish Conservatives have said. The levy was brought in by the former Tory UK Government as ...

24 Nov 2025 at 00:01

Scotland

Government ‘taxing oil and gas sector to death’, claims trade body

The UK Government is taxing the oil and gas industry “to death”, a trade body has said as the Chancellor refused to scrap the windfall tax. The energy profits levy (EPL) was placed on the profits of oil and gas firms as a result ...

26 Nov 2025 at 18:00

Keeping windfall tax is right thing to do, says Reeves amid concerns over jobs

Chancellor Rachel Reeves has insisted maintaining the current tax regime on the North Sea is the “right” thing to do – despite concerns from the oil and gas sector that it is being taxed “to death”. Leading figures in the ...

27 Nov 2025 at 12:42

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