Offshore Energies UK (OEUK)

Company

Last mentioned: Mar 4, 2026

Timeline

Mar 4, 2026
Reeves Meeting

Chancellor meets industry bosses to confirm the 2030 sunset clause.
Jul 1, 2024
Labor Policy Shift

The new government raises the EPL to 38% and extends it to 2030.
Jan 1, 2023
Rate Increase

The levy is increased to 35%, bringing the total tax rate to 75%.
May 26, 2022
EPL Introduced

Rishi Sunak introduces a 25% windfall tax on oil and gas profits.

Stories mentioning Offshore Energies UK (OEUK) 1

Reeves Signals End to North Sea Windfall Tax to Stabilize Energy Investment

Chancellor Rachel Reeves is meeting with North Sea energy executives to reaffirm the government's commitment to ending the Energy Profits Levy by 2030. The move seeks to restore investor confidence following warnings that the current 78% marginal tax rate is driving capital out of the UK.

Mar 4, 2026 3 sources