Offshore Energies UK: ‘A windfall tax risks harming investment, home-produced energy, and jobs’

5/17/2022

Commenting on the vote on the Queen’s Speech, Offshore Energies UK External Relations Director Jenny Stanning said:

"It is essential we are able to attract investment into North Sea projects to support the UK's energy security and the energy transition. That has been challenging even with a stable fiscal regime, so it is incredibly important that we maintain investor confidence now.

"The Treasury is predicted to take £5 billion more from oil and gas companies than it expected last October, due to the high global price and high tax rate – offshore oil and gas companies are already taxed at 40%, double that of the UK's other industries.

"A windfall tax risks harming investment, which would lead to less home-produced energy, a drop in investment into green energies and a big hit to jobs."

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