Windfall tax revenue set to slump 40 per cent thanks to falling oil and gas prices June 27, 2023 The sharp fall in the price of oil and gas will lead to a huge drop in revenue from the government’s windfall tax. Announced in November of last year, the energy profits levy hiked an existing tax on oil and gas profits and extended its deadline until 2028. Chancellor Jeremy Hunt estimated that it would [...]
IOG shares rise as troubled firm shelves North Sea projects June 26, 2023 IOG's shares have soared 25 per cent today on the London Stock Exchange, after it cancelled expansion projects to boost its balance sheet.
Eni and Var Energi to buy Neptune Energy in £3.9bn mega-deal June 23, 2023 Eni and Var Energi have reached an agreement to acquire oil and gas specialist Neptune Energy in a £3.9bn deal.
Government eases windfall tax to protect North Sea oil and gas projects June 9, 2023 The government has softened the windfall tax in a bid to soothe industry concerns over the UK’s investment climate in the North Sea.
Rosebank delay: Approval for North Sea’s largest undeveloped oil field could drag into summer June 5, 2023 The approval process for the North Sea's largest undeveloped oil and gas could drag on into the second half of the year.
Labour ‘may as well hand out dole notices’ after North Sea oil ban plans May 29, 2023 LABOUR were accused of undermining the UK’s energy security after it emerged the party was considering banning new North Sea oil and gas licences, should it win the next election. Reports in the Sunday Times suggested that Keir Starmer and his shadow chancellor, Rachel Reeves, were minded to block any new development in what remains [...]
Labour ‘set to rule out’ all further North Sea oil and gas projects May 28, 2023 New North Sea oil and gas developments will reportedly be blocked under a Labour government. Labour leader Sir Keir Starmer is on the verge of announcing the block when he sets out his net-zero energy policy in Scotland next month, The Sunday Times said. As part of the energy plans, the newspaper reported a Sir [...]
Eni’s net profit beats expectations powered by strong gas business April 28, 2023 Italian energy group Eni has revealed its first-quarter net profit fell 11 per cent year on year due to lower oil and gas prices.
Shapps: We ‘want and need’ oil and gas sector to reach net zero and protect UK’s energy security April 25, 2023 The UK "wants and needs" the oil and gas sector to help reach net zero and protect the UK's energy security, Grant Shapps told MPs today.
North Sea oil workers begin ‘biggest offshore stoppage in a generation’ April 24, 2023 North Sea oil workers have begun the “biggest offshore stoppage in a generation”, with 48-hour strikes on oil and gas rigs.