Jersey Oil & Gas plc said it will carefully consider the impact of the changes to the Energy Profits Levy on its Greater Buchan Area project, northeast of Aberdeen in the Outer Moray Firth IMPLICATIONS On 29 July, the Government announced that the EPL will increase to 38% from 1 November 2024, bringing the headline rate […]
Tag: Energy Profits Levy
Anning-Somerville under review after EPL concerns
Hartshead Resources NL is reviewing the economics and timeline for phase 1 development of the Anning and Somerville gas fields following plans to increase UK oil and gas taxes. UNCERTAINTY The Labour Party said it could raise more than £13 billion by increasing the Energy Profits Levy from 35% to 38%, leading to the headline […]
Kistos profits rise as projects review continues
Kistos Holdings plc’s increase in profits has failed to deter the company from reviewing opportunities outside the UK and Netherlands to avoid “unstable fiscal regimes”. FINANCES Full year 2022 results showed operating profits of €276.3 million (2021: loss of €62.8m) and pre-tax profits of €254.1m (2021: loss before tax of €73.9m). Taxes of €228m, which […]
Serica urges fiscal stability for oil & gas industry as it looks to tax savings
Serica Energy plc today urged policy makers to encourage fiscal stability for the oil and gas industry as the company looks to tax savings for its North Sea operations. TAX SAVING The company made the comments today in its financial and production report for May 2022, following the Government’s Energy Profits Levy announced last month. […]
OEUK warns EPL will damage UK industry
Offshore Energies UK (OEUK) has described the new taxes imposed on the country’s offshore oil and gas operators as “a backward step”. IMPORTS The industry body warned that the Energy Profits Levy announced today would discourage UK offshore energy investments, resulting in decreases in oil and gas exploration and production and a rise in imports. OEUK’s chief […]