The UK will continue a 38% Energy Profits Levy on North Sea oil and gas producers until April 1, 2030, rejecting industry requests to end the tax next year, the budget said on Wednesday. The EPL can be terminated earlier only if a price‑floor mechanism is triggered. On expiry the levy will be immediately replaced by a permanent, price‑linked fiscal mechanism. Operators have urged the Labour government for an earlier switch, arguing it would spur investment and output; producers say the EPL has w

The UK will continue a 38% Energy Profits Levy on North Sea oil and gas producers until April 1, 2030, rejecting industry requests to end the tax next year, the budget said on Wednesday. The EPL can be terminated earlier only if a price‑floor mechanism is triggered. On expiry the levy will be immediately replaced by a permanent, price‑linked fiscal mechanism. Operators have urged the Labour government for an earlier switch, arguing it would spur investment and output; producers say the EPL has weakened the North Sea's investor appeal and prompted asset sales, mergers and scale‑backs. BP is the only major still with standalone North Sea operations but is moving to exit the region.