Change windfall tax to make £137bn by 2050, Chancellor told Politics Chancellor Rachel Reeves has been urged to reform the windfall tax in a move that could boost the economy by £137bn by 2050. Ahead of the start of its conference in Aberdeen this week, trade body Offshore Energy UK (OEUK) released a report claiming replacing the energy profits levy next year with a profits-based mechanism [...]
Ministers to speed up energy ‘skills passport’ amid worker shortages Politics The energy secretary will speed up oil and gas workers being able to transition to jobs in the renewable energy industry via a “skills passport” as workforce shortages are “hindering” the sector. Energy security and net zero secretary Ed Miliband confirmed his department will “provide project management advice” to Offshore Energies UK (OEUK) and Renewable [...]
UK and EU energy giants call for post-Brexit North Sea ‘green power hub’ Energy UK and EU energy firms are urging their governments to overhaul the post-Brexit trading set up in a bid to construct a North Sea “green power hub” and unlock investment. Some 20 top power firms and lobby groups have written an open letter to European and British energy ministers to urge them to prioritise a [...]
Oil and gas windfall tax increase may cost economy £13bn, trade body warns September 2, 2024 The government's changes to the windfall tax will have a £13bn hit to the economy, the sector's industry body has claimed.
Ithaca Energy: Profit tumbles at North Sea oil and gas firm as windfall tax bites August 22, 2024 North sea oil and gas firm Ithaca Energy saw its revenue and profit tumble after being hit by impairment charges, lower production and a dip in the oil and gas prices. The FTSE 250 constituent, which in the Spring announced plans to buy all of Italian competitor Eni’s North Sea assets for £754m, lowered its [...]
‘A complete fabrication’: Government denies claims Ed Miliband has banned new North Sea oil licences July 11, 2024 The government has been forced to deny reports that Ed Miliband has banned the North Sea oil regulator from issuing any outstanding drilling and exploration licences.
Shadow energy secretary Ed Miliband ‘not aware’ Russia found oil and gas in Antarctic May 17, 2024 Ed Miliband has said he is “not aware” of the reports Russia discovered huge oil and gas reserves in the British Antarctic territories.