Oil & Gas

Offshore Energies UK (OEUK) is calling on the UK government to introduce the new Oil and Gas Revenue Levy in January 2027, three years earlier than currently planned. The industry group says the earlier move could generate an additional £14.9 billion ($20 billion) in government revenues over the next decade.

OEUK argues that frequent changes to the UK’s oil and gas tax regime have discouraged investment and pushed companies away from the North Sea. It says greater tax certainty could help restore investor confidence and support continued domestic production.

The industry also warns that declining North Sea investment could increase the UK’s reliance on imported oil and gas. OEUK says an earlier tax change could encourage billions in private investment, protect jobs, strengthen energy security and boost government revenues.