UK Can Get More From Oil, Gas With Faster Tax Change, Lobby Says

The UK can generate almost 25% more in taxes from oil and gas companies through 2050 if the Labour government replaces a contentious windfall levy on North Sea producers as soon as next year rather than waiting, according to an industry lobby group.

“Action is required now,” Offshore Energy UK said in its analysis of the nation’s fiscal policy impacts. The lack of an immediate response risks pushing the sector into “an accelerated decline” that includes a “loss of critical mass” of British oil and gas supply chain capability.

The UK’s Energy Profit Levy — a windfall tax introduced by ...