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

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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Transocean and Seadrill in Merger Talks as Offshore Oil and Gas ReboundsOffshore drilling companies Transocean and Seadrill are discussing a potential merger to capitalize on the rebound in offshore oil and gas exploration.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Indonesia Looks to Revive Its Oil and Gas IndustryIndonesia plans to streamline its regulatory processes to encourage oil and gas exploration and boost domestic production.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Oil and Gas Industry Faces Setback in Flaring Reduction EffortsA new report from Rystad Energy reveals a concerning increase in global flaring emissions, reversing recent progress in reducing the environmental impact of oil and gas production.
Source: OilandEnergy - 🏆 34. / 68 Read more »