The UK government will officially end the windfall tax on North Sea energy profits by 2030, initially introduced as the Energy Profits Levy (EPL) in 2022 amid soaring energy prices. The EPL will be replaced with a new regime that ensures fair national returns during high price periods, according to the Department for Energy Security and Net Zero. Furthermore, the government plans to cease issuing new oil and gas exploration licenses, focusing instead on transitioning to renewable energy. This move follows a legal challenge against oil field approvals by environmental advocates, sparking a reevaluation of energy policies.
The North Sea will be at the heart of Britain's energy future. For decades, its workers, businesses and communities have helped power our country and our world.
A new regime for the industry will be developed to ensure a fair return for the nation during times of unusually high prices.
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