Britain’s trade body for the offshore energy industry, Offshore Energies UK (OEUK), has taken steps to engage in talks with the UK government to strike a deal and unlock multibillion-dollar energy industry investment boost by replacing the energy profits levy (EPL). The proposed regulatory shift has the potential to pave the way for homegrown energy growth, fortifying energy security and tax revenues, which are set to rise as the oil and gas windfall tax replacement looms.

OEUK Offshore Energies Britain Treasury Change View Chief Executive Officer Rachel Reeves Downing Street Financial Secretary David Whitehouse Chief Executive Energy Profits Levy Continental Shelf North Sea