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UK Offshore Oil and Gas Industry Says Standoff With Government Is Over

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UK News

North Sea,Oil And Gas,Taxes

The UK government has increased taxes on the North Sea oil and gas industry, despite concerns from industry leaders about the impact on investment and energy security.

The UK offshore oil and gas industry says that the recent “standoff” with the government over tax policies is over, even as the Labour cabinet proceeded, as planned, with a tax hike that further raised the fiscal burden on the sector. Earlier this week, the UK’s Chancellor of the Exchequer, Rachel Reeves, unveiled her first budget for the Labour government.

Offshore Energies UK, the leading trade body, said in a response to the tax hike that “with an increase in tax despite commodity prices at recent lows, there is no hiding that this is a difficult day for the sector.” However, OEUK’s CEO David Whitehouse said “We welcome that the government will consult in early 2025 on how the oil and gas tax regime can encourage investment and respond to changes in the oil price.

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