OEUK urges early North Sea tax reset, puts £70 billion value on investment revival
Offshore Energies UK is calling on Chancellor John Healey to replace the Energy Profits Levy with the new Oil and Gas Revenue Levy from January 2027, more than three years earlier than currently planned. The industry body estimates fiscal reform could unlock £50bn of additional capital investment, generate £70bn of economic value and support an […]
Harbour Energy raises output and cash forecasts after record first half
First-half production reached a record 509,000 barrels of oil equivalent a day, prompting Harbour to lift its full-year guidance. The company generated $1.8 billion of free cash flow and expects to return at least $800 million to shareholders during 2026. Acquisitions have increased Harbour’s scale and international diversification, although debt, operating costs and safety indicators […]
BP hopes to offload North Sea assets dashed after Ithaca talks fail
BP and Ithaca Energy engaged in advanced discussions to sell BP’s remaining UK North Sea oil and gas assets in a deal valued at around £2 billion, but talks collapsed without agreement. The potential sale would… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
OEUK calls emergency summit as Iran war reignites UK energy security debate
Offshore Energies UK has urged ministers to prioritise domestic energy production, including North Sea oil and gas alongside renewables, warning that dependence on imported fuels leaves the UK increasingly exposed to geopolitical shocks. OEUK says accelerating approval of Rosebank and Jackdaw and introducing the proposed Oil and Gas Price Mechanism could unlock £50 billion of […]