A report released by the North Sea Transition Authority (NSTA) has found that the North Sea oil and gas industry spent £1.6 billion on decommissioning in 2022.
The Energy Industries Council (EIC) has released a damning new report revealing that oil and gas projects are “more valuable and more likely to proceed with full funding than renewables".
The UK government has announced changes to the Energy Profits Levy, which put a marginal tax rate of 75% on North Sea oil and gas company profits which will see the tax rate fall back to 40% if prices “consistently return to normal levels for a sustained period.”
Oil and gas giant BP confirmed it more than doubled its annual profit in 2022 to £23 billion ($27.7 billion), up from the £10.6 billion ($12.8 billion) witnessed in 2021, owing to soaring oil and gas prices.
While the stretched renewable generation targets are welcome, there needs to be a greater focus on the potential of onshore wind to be rolled out rapidly in the short term, the Environmental Audit Committee (EAC) has stated.
Should loopholes for tax incentives be removed from the UK government’s windfall tax could generate around £22 billion in additional revenue, research from the New Economics Foundation (NEF) has found.
bp has recorded £7.1 billion ($8.2 billion) in Q3 profit as the oil and gas giant (O&G)benefits from elevated energy prices amid the ongoing European crisis.
