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The Energy Profits Levy, which puts a marginal tax rate of 75% on North Sea oil and gas production, will remain in place for the next five years while oil and gas prices remain higher than historic norms – but this will fall back to 40% when prices consistently return to normal levels for a sustained period.

North seaOceans generalUnited kingdomEnergy security investment mechanismEnergy priceEnergy profits levyWorld bankSea transition authorityCommodity intelligence servicesOffice for budget responsibilityBudget responsibilityNorth sea transition authorityExchequer secretaryEnergies united kingdomUnited kingdom governmentIndependent commodity intelligence services