Free Trial

UK Government Rejects Oil, Gas Industry Demands To Adjust Windfall Tax


The British government stood firm on its windfall tax on the oil and gas sector in a meeting with industry executives on Friday, two sources told Reuters.

  • The oil and gas industry and representatives had hoped ahead of the meeting in Edinburgh that the government would add a price floor mechanism to the windfall tax.
  • Finance Minister Jeremy Hunt denied the request but said a future revision of the tax has not been ruled out, should prices decline significantly.
  • The oil and gas industry executives reiterated concerns that the new tax had already curtailed producers' access to capital and risked a flight of capital from the ageing basin at a time when the government is trying to increase Britain's energy security.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.