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Gas and oil industry cautiously welcomes government proposals that could ease tax burden on sectorThe UK government has pledged to “unleash the North Sea’s clean energy future”, as it confirmed plans to ban new drilling licences but also unveiled proposals that could ease the tax burden on the oil and gas sector.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 pledged to “unleash the North Sea’s clean energy future”, as it confirmed plans to ban new drilling licences but also unveiled proposals that could ease the tax burden on the oil and gas sector.
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.
