Given the need to reshape the North Sea’s future through low-carbon technologies, while enabling a leg-up for investment in delivering the energy security the UK needs, Britain’s trade body for the offshore energy industry, Offshore Energies UK (OEUK), has urged the government to take action on the energy profits levy (EPL), known as the windfall tax on oil and gas profits, by next year to put all ingredients in place to secure jobs, energy security enhancement, and the build-out of the energy infrastructure for the future.

Offshore Energies UK believes the government should remove the windfall tax on oil and gas profits by 2026 and replace it with a competitive long-term mechanism in response to future price shocks to encourage investment in the country’s energy future, in the wake of the closure of the government’s consultation aimed at developing a predictable response to such price shocks.