David Whitehouse

“All 403 Labour MPs warned ‘not to pull punches’ on North Sea energy in urgent letter to back homegrown power”

“The OEUK estimates that with a freer approach to drilling, revenues of more than £13billion could come to the Treasury over the next decade.”

“OEUK represents almost 500 companies involved in North Sea energy, from oil and gas to renewables.”

“Operators are also subject to the Energy Profits Levy (EPL), or windfall tax, that sets an effective rate of 78 per cent of profits.”

“He pointed out that Norway, which has a centre-left Government, issued 57 new oil and gas licences in January this year.”

“The change is currently due to take place in 2030.”