On Wednesday, the Chancellor of the Exchequer of the United Kingdom, Rachel Reeves, delivered the Labour party’s first Budget since taking office, laying out her plans to “rebuild Britain” and “make every part of the country better off”. Yet, in a counterintuitive move, Reeves confirmed that the government will raise the Energy Profits Levy (windfall
Read More...This July, the new UK Labour Government came into office promising to ‘take the brakes off Britain’ and unlock a new era of economic prosperity. Yet, as Energy in Depth has previously explained, under current UK government plans the oil and gas industry is set to be burdened with another tax increase, which industry groups
Read More...Last month, the UK’s Labour government delivered its pre-election pledge to lift the windfall tax (formally known as the Energy Profits Levy) on oil and gas companies operating in the North Sea by three percent – with the total tax now reaching 78 percent. As Energy in Depth discussed, the announcement sparked outcry from stakeholders
Read More...The U.K.’s new chancellor, Rachell Reeves, recently announced that the windfall tax (formally known as the Energy Profits Levy) will be increased to 38 percent (up from 35 percent) on November 1, bringing the rate of tax on upstream oil and gas activities to 78 percent. The tax will also be extended to 31 March
Read More...Ahead of the two-year anniversary of the implementation of the United Kingdom’s windfall tax, Energy in Depth examines its continued negative impact on the North Sea oil and gas sector. As EID has previously discussed, the windfall tax (formally known as the Energy Profits Levy) was introduced in May 2022 and increased from its
Read More...The North Sea is fast becoming the political battleground of choice in the run-up to the next UK general election. As competing energy security and net-zero agendas pull politicians in different directions in the United States and beyond, UK politicians are scoping out North Sea oil and natural gas as a core campaign issue. But
Read More...The United Kingdom is gearing up for a general election, predicated to take place in late 2024. With current polling suggesting the Labour Party is favoured to win, one topic is taking center stage: the energy transition and the future of North Sea oil and natural gas development. Labour sees clear scope to win political
Read More...Even though gas prices in America have fallen significantly from this summer’s record highs, fringe U.S. politicians continue to make the false claim that oil and natural gas companies are price gouging consumers. Some are calling for a windfall profit tax on oil companies, even though history shows that the implementation of a windfall tax
Read More...The UK Government announced that it has lifted the moratorium on shale gas production in England. It also confirmed its support for a new oil and gas licensing round in the North Sea, expected to be launched by the North Sea Transition Authority in early October with the aim to boost domestic production. The lifting
Read More...political correctness Tom ShepstoneShepstone Management Company, Inc. …. …. Political correctness is a breeze at the outset but extremely costly in the end, as Europe is learning the hard way. Green energy has become a fool’s errand. Political correctness is conformance to the desires, mores and whims of those who imagine they get to set
Read More...Denmark’s energy ministry has been advised to cancel the country’s 8th oil and gas licensing round, in order to maintain its position as a climate-leading country, Kallanish Energy reports. Independent adviser to the government, the Danish Council on Climate Change, said on Thursday that the bidding round that took place in 2018 and received interest
Read More...Crude oil prices slipped Friday, but West Texas Intermediate and Brent both posted a weekly gain on rising concerns over more Middle East supply disruptions due to U.S.-Iran political tension, Kallanish Energy reports. A deputy head of Iran’s Revolutionary Guards said Friday Iran could “easily” hit U.S. warships in the Persian Gulf, the latest rhetoric
Read More...