North Sea output to halve by 2030 under Labour tax proposals, warns report

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Financial Times 13h ago

North Sea output to halve by 2030 under Labour tax proposals, warns report - Financial Times

Quick Summary:

Following the dramatic rise in oil and gas prices in late 2021 and 2022 and the introduction of the energy profits levy in May 2022, tax revenues from the sector reached a peak of £9.8bn in 2022-23, compared with £2.6bn the year before, official figures show.

Wood Mackenzie is one of the most respected consultancies in the energy industry but has historically specialised in, and still draws many of its clients from the oil and gas sector.

In a better-case scenario for oil and gas companies, in which the EPL expired in 2030 and capital allowances were retained, oil and gas production would fall by 30 per cent by 2030.