Our submission to HM Treasury on its consultation for the replacement of the Energy Profits Levy (EPL) highlighted how, under the current fiscal regime, the North Sea is uninvestable, presenting a risk to both energy security and the transition towards clean power.

The Government should therefore, in consultation with the energy industry, implement a replacement for the EPL as soon as possible, rather than post-2030, to bring forward investment and forestall the loss of UK supply chain capacity and the skilled workforce.

Our response to this consultation complements our submission to the Department for Energy Security and Net Zero’s consultation Building the North Sea’s Energy Future. A smooth transition from the existing oil and gas sector in the North Sea towards clean energy is the most effective way to support jobs and investment – and meet the UK and Scottish Governments’ climate goals – and that requires urgent reform of both the fiscal and regulatory regimes.