- UK oil and gas companies may receive windfall tax relief to boost investment and improve energy security.
- Energy prices falling below a specified level could exempt companies from the 35% windfall levy.
- The relief would provide tax certainty for firms investing in new energy projects.
- The package to be announced next week includes measures to boost oil and gas production in the North Sea.
- The industry sees hydrocarbons as having a key role in transitioning to net zero and providing energy security.
UK government expected to offer energy companies windfall tax relief
Lower fuel prices spur hopes the levy will be reformed as sector is being encouraged to invest in new projects
Jim Pickard
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