Industry group OEUK pushes for a 2027 start for the new Oil and Gas Revenue Levy, aiming to secure £14.9 billion in revenue and restore investor confidence in the UK North Sea.
Offshore Energies UK is calling on the government to accelerate the transition to the Oil and Gas Revenue Levy by 2027. The industry group argues that moving the timeline forward from 2030 would stabilize investment and generate an additional £14.9 billion in tax revenue, curbing the exodus of operators from the North Sea.
The industry seeks to replace the current Energy Profits Levy with the Oil and Gas Revenue Levy earlier than planned to provide regulatory certainty and halt the decline in North Sea investment.