Scrap windfall tax on oil and gas firms early, North Sea industry urges
The North Sea oil and gas industry has urged the UK government to replace the current windfall tax with a narrower levy in 2027, three years ahead of the originally planned 2030 date. This request comes as energy bills are expected to reach a three-year high this winter due to the ongoing Iran war and rising wholesale gas prices. Industry leaders argue that the proposed change would stimulate up to £50bn in investment and generate additional tax revenue, while critics condemn the move as seeking tax relief during a period of high corporate profits and cost-of-living pressures.
- ▪Offshore Energies UK (OEUK) is lobbying for the energy profits levy to be replaced by the oil and gas revenue levy in 2027 instead of 2030.
- ▪Household energy bills are projected to hit a three-year high this winter, with wholesale gas prices rising to their highest level since the Russia-Ukraine crisis.
- ▪OEUK claims the tax change could attract up to £50bn in North Sea investment and generate an additional £14.9bn in tax revenue over the next decade.
- ▪The industry is also pressing ministers to approve the Jackdaw and Rosebank oil and gas fields to reduce reliance on imported natural gas.
- ▪Advocacy groups like Greenpeace and Tax Justice UK have criticized the industry for seeking tax cuts while posting record profits during a climate emergency.
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| Publication time | Tue, 15 Sep 2026 08:00:31 GMT |
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OEUK also called on ministers to approve two major North Sea oil and gas fields, Jackdaw and Rosebank. Photograph: Martin Langer/AlamyView image in fullscreenOEUK also called on ministers to approve two major North Sea oil and gas fields, Jackdaw and Rosebank. Photograph: Martin Langer/AlamyEnergy industryScrap windfall tax on oil and gas firms early, North Sea industry urgesLabour should replace levy in 2027 rather than 2030 as energy bills are poised to surge over the winter, says lobby groupAlex DanielTue 15 Sep 2026 04.00 EDTLast modified on Tue 15 Sep 2026 04.01 EDTSharePrefer the Guardian on GoogleThe North Sea oil and gas industry has called on Labour to scrap the windfall tax on fossil fuel firms three years early, as Britain heads into a winter with energy bills expected to reach…
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