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 [...]
Enquest ‘disappointed’ with windfall tax plans as revenue dips Energy North Sea energy firm Enquest has said it was “disappointed” with the ongoing application of the Energy Profit Energy as it reported falls in production and revenue. Enquest, which is one of the largest operators in the North Sea and is currently drilling the single largest oil field in the area, reported a 19.8 per [...]
Neo Energy slows down £900m North Sea project due to windfall tax Energy One of the North Sea’s largest oil and gas project has been plunged into uncertainty after its operator announced it was slowing down investment in light of “fiscal and regulatory uncertainty”. Neo Energy had planned to start work on the £900m Buchan project – expected to produce a peak of 35,000 barrels of oil 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.
Labour’s North Sea windfall tax plans branded a ‘blunt response’ that will hammer businesses across the UK August 22, 2024 The government’s plans for North Sea oil and gas are a “blunt response” that could jeopardise hundreds of thousands of jobs not just in the energy sector, several of the industry’s leading figures have warned. In an open letter to the Treasury, over 40 companies with operations in the North Sea voiced their “grave concern” [...]
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 [...]
Harbour Energy returns to profit despite falling revenue and cash flow August 8, 2024 Harbour Energy has returned to the black on Thursday despite the largest UK-based North Sea oil and gas firm suffering a dip in revenue and cratered free cash flow. The producer had been a victim of the energy profit levy imposed off the back of energy price spikes in 2022, with the 75 per cent [...]
Higher windfall taxes will be the death of investment in the North Sea July 31, 2024 Introducing Norway-level taxes without the accompanying investment incentives proves Labour’s energy policy is driven by ideology – not security, says Andy Mayer The day before the new Labour Chancellor Rachel Reeves sounded the death knell for Britain’s North Sea oil industry and put up to 200,000 workers on notice the ‘I’ newspaper led with the headline “Starfish and other seabed species [...]
Banning North Sea oil will only benefit Saudi Arabia July 16, 2024 Fossil fuels will remain part of the energy mix for decades to come – if we don’t extract our own resources from the North Sea, our loss will be other polluters’ gain, says Andy Mayer The new government’s plans to capitulate to the likes of Just Stop Oil by banning new drilling licences in the [...]
‘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.