At the inaugural meeting of the North Sea Future Board, the Energy Profits Levy, commonly referred to as the windfall tax on oil and gas companies, was not brought up. Michael Shanks, a board member, confirmed that the topic did not feature in the discussions, although he is aware of the opinions held by various stakeholders.
The North Sea Future Board was established to guide the industry’s transition and address challenges facing the sector. Despite the absence of the levy in initial talks, it remains a significant issue for companies and policymakers involved in the North Sea oil and gas industry.
**Why this matters**
The Energy Profits Levy is a key government policy aimed at taxing excess profits from oil and gas firms, which has implications for investment and operations in the North Sea. Its exclusion from the first board meeting suggests that the board’s initial focus may be on other strategic priorities, but the levy’s impact continues to be closely monitored by industry participants.