UK Oil, Gas Lobby Group Urges Tax Reform to Reduce LNG Imports

Faster reform of the UK’s North Sea windfall tax could significantly cut reliance on LNG imports, the industry lobby group said, as war in the Middle East highlights energy supply vulnerabilities.

Scrapping the Energy Profits Levy and replacing it with a permanent price-triggered mechanism now — rather than in March 2030 — could unlock as much as £50 billion in investment and slow the decline in domestic gas production, Offshore Energies UK said.

That would cut LNG’s share of UK gas supplies to 6% by 2035, compared with 46% without reform, said Enrique Cornejo, OEUK’s policy director.

“The more domestic ...