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Ban on new drilling confirmed as ministers consult on North Sea’s ‘clean energy future’
Gas and oil industry cautiously welcomes government proposals that could ease tax burden on sectorThe UK government has unveiled proposals that could ease the tax burden on the offshore oil and gas sector but confirmed that it would also ban new drilling licences as part of a pledge to “unleash the North Sea’s clean energy future”.The “windfall” tax on North Sea drillers, introduced in 2022 to help support households facing rising energy bills after Russia’s invasion of Ukraine, would be scrapped from 2030, the Treasury confirmed on Wednesday. Continue reading...
Gas and oil industry cautiously welcomes government proposals that could ease tax burden on sector
The UK government has unveiled proposals that could ease the tax burden on the offshore oil and gas sector but confirmed that it would also ban new drilling licences as part of a pledge to “unleash the North Sea’s clean energy future”.
The “windfall” tax on North Sea drillers, introduced in 2022 to help support households facing rising energy bills after Russia’s invasion of Ukraine, would be scrapped from 2030, the Treasury confirmed on Wednesday. Continue reading...
