North Sea industry urges early end to windfall tax on oil and gas producers

Offshore Energies UK has asked the government to scrap the energy profits levy three years early and approve the Rosebank and Jackdaw fields.

• OEUK called on Labour to end the energy profits levy in 2027, replacing it with a narrower tax triggered only when prices spike.
• The trade body's report projected the change could unlock 111 oil and gas projects and attract £50bn of investment.
• OEUK chief executive David Whitehouse said the new levy would ensure companies pay high tax when prices are high while encouraging investment.
• A UK government spokesperson said the levy will be replaced when it ends by 2030, or earlier if its price floor is triggered.
• The report said Britain spent £84bn on oil, gas and electricity imports last year, meeting more than 40% of its energy needs.
• It projected the UK will need 561 billion cubic metres of gas to 2035, while domestic production is expected to reach only 176 billion.