UK Offshore Group Urges Early 2027 Oil/Gas Tax Shift to Boost Revenues by £14.9B

Offshore Energies UK (OEUK) proposes accelerating the UK's Oil and Gas Revenue Levy from 2030 to January 2027, claiming it could raise an additional £14.9 billion ($20 billion) for the Treasury. The proposal, aimed at the Burnham government, signals industry willingness to accept higher taxation in exchange for fiscal stability after years of policy volatility since 2022. The actual revenue impact remains uncertain and depends on future oil and gas prices, which trigger the levy mechanism.