Oil platforms in the Cromarty Firth
Can the UKCS adapt again?
The windfall tax is a blow. But the basin has rebounded from being written off before
UK continental shelf (UKCS) producers may still be reeling from UK finance minister Rishi Sunak’s late-May bombshell of an additional 25pc tax raid on their profits. However, the measures announced did contain a significant tax break for new capex, particularly for those not already benefitting from a favourable UK tax position. The consensus is that, clearly, the UK North Sea’s renaissance of recent years will be retarded by what Sunak is calling the Energy Profits Levy (EPL). But there is a greater range of views on how severe the hit will be and whether the UKCS, written off more than once before, can again navigate a path to sunnier climes. On the more bearish side, the incentive to inve
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