Offshore Energies UK (OEUK), the trade body for the fossil fuel sector, has urged the Labour government to scrap the energy profits windfall tax three years early in 2027 and replace it with a price-spike-only levy. Amidst surging wholesale gas prices and impending high winter energy bills driven by geopolitical conflicts, OEUK is also pressing for the approval of major North Sea projects like Rosebank and Jackdaw to boost domestic supply and investment. While the industry argues these measures will protect jobs and generate long-term economic resilience, environmental campaigners and charities have sharply criticized the proposals as an unjustified handout during a climate crisis.

Offshore Energies UK (OEUK), the trade body for the fossil fuel sector, has urged the Labour government to scrap the energy profits windfall tax three years early in 2027 and replace it with a price-spike-only levy. Amidst surging wholesale gas prices and impending high winter energy bills driven by geopolitical conflicts, OEUK is also pressing for the approval of major North Sea projects like Rosebank and Jackdaw to boost domestic supply and investment. While the industry argues these measures will protect jobs and generate long-term economic resilience, environmental campaigners and charities have sharply criticized the proposals as an unjustified handout during a climate crisis.