Modifications to Energy Profits Levy Addresses Certain Industry Concerns

The industry body for the offshore energy industry has welcomed the UK Government’s decision to change the Energy Profits Levy in response to concerns from the country’s offshore oil and gas companies.

In response, OEUK CEO Deirdre Michie said:

“While we remain deeply concerned about the impact the levy will have on the UK industry’s ability to meet the country’s energy needs and play a critical role in the economy, we recognise that the government has listened to the concerns put forward by industry and addressed some of those within the bill.

“This gives some reassurance that government understands the offshore oil and gas sector must remain attractive for business so it can continue producing the energy and solutions we will need for the low-carbon UK of the future.

“We now ask that they continue to actively engage with the sector as the Levy unfolds, and take into account our further recommendations.”