Oil and gas companies with operations in the UK have made it clear they expect the government to ease the burden of windfall taxes imposed on fossil fuel profits last year after the recent fall in energy prices.
The UK government brought in a windfall levy in May aiming to harvest some of the soaring profits earned by oil and gas producers and, in last November’s Autumn Budget, UK Chancellor of the Exchequer Jeremy Hunt increased the levy to 35% of profits, applicable from 1 January.
