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Breaking news: The UK government said the plan would implement the manifesto promise to manage existing fields for the entirety of their lifespan and not issue new licences to explore new oil and gas fields. However, it also confirms the government will allow new drilling that is either in or connected to existing fields.
Full article here'Britain has just made history': Government confirms ban on oil and gas exploration in new fields
It seems that the current plan did not go far enough in helping oil and gas workers switch to new roles. Areeba Hamid, co-executive director at Greenpeace UK said "a £20m jobs package doesn't cut the mustard"
Separately, the government today confirmed the temporary Energy Profits Levy (EPL) will be replaced by a permanent Oil and Gas Profits Mechanism (OGPM) designed to respond to price shocks and act as a "windfall tax" when oil and gas prices are "unusually high".
According to Autumn Budget documents published today, the Mechanism will apply an addition tax rate of 35 per cent above price thresholds of $90 per barrel of oil and 90p per gas therm.
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Aya Pariy
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