UK Chancellor Rachel Reeves on Oct. 30 confirmed a three percentage point hike in North Sea oil and natural gas taxation along with the removal of an investment allowance, but refrained from a more draconian hike amid industry warnings of a hit to investment and a risk of accelerating output decline.
Britain’s Chancellor Rachel Reeves has raised the Energy Profits Levy on North Sea oil and gas producers to 38% in her first budget for the Labor government.
In a statement posted on its website, the North Sea Transition Authority (NSTA) said its latest resources and reserves report shows that the NSTA’s estimate for proven and probable UK oil and gas reserves at the end of 2023 is 3.3 billion barrels of oil equivalent.
The two United Kingdom firms that last year marketed Guyana’s oil from two offshore platforms in the Stabroek Block will be doing so again, for a one year fiscal period.
The Italian oil and gas company Eni has completed the combination of its upstream oil and gas assets in the United Kingdom with Ithaca Energy. The £754m (€900m) merger deal, however, excludes Eni’s East Irish Sea assets and CCUS activities.
Fitch Ratings is maintaining Ithaca Energy plc’s (Ithaca) Long-Term Issuer Default Rating (IDR) of ‘B’ and senior unsecured rating of ‘B+’ on Rating Watch Positive (RWP). The Recovery Rating is ‘RR3’.
Investment firm LetterOne, owned in part by sanctioned Russian oligarchs Petr Aven and Mikhail Fridman, has acquired a minority stake (14.87%) in Harbour Energy, which is the UK’s biggest oil and gas company with operations in Norway, Southeast Asia, Germany, North Africa and Argentina.
UK is among a group of five richer nations which have together issued two-thirds of oil and gas licenses since 2020, according to the IISD
Oil and gas exploration worldwide has surged to the highest level in five years, despite hundreds of nations agreeing to “transition away” from fossil fuels in energy systems at last year’s UN Climate Summit.
TotalEnergies will sell its entire interest in the UK’s West of Shetland gasfields to the Prax Group, the French company said on Thursday.
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Blue hydrogen and LNG import-reliant gas-CCUS projects could derail the UK’s net zero target and exhaust the carbon budget, Carbon Tracker analysts have reported.