UK NEWS

British lawmakers approved a 25% windfall tax on oil and gas producers in the British North Sea on Monday, which the government says will raise 5 billion pounds ($5.95 billion) in one year to help people struggling with soaring energy bills.The Energy Profits Levy will target profits made from a spike in oil and gas prices as energy demand is going up after pandemic lockdowns ended and the Russia-Ukraine conflict started.

British lawmakers approved a 25% windfall tax on oil and gas producers in the British North Sea on Monday, which the government says will raise 5 billion pounds ($5.95 billion) in one year to help people struggling with soaring energy bills.The Energy Profits Levy will target profits made from a spike in oil and gas prices as energy demand is going up after pandemic lockdowns ended and the Russia-Ukraine conflict started.

British lawmakers approved a 25% windfall tax on oil and gas producers in the British North Sea on Monday, which the government says will raise 5 billion pounds ($5.95 billion) in one year to help people struggling with soaring energy bills.The Energy Profits Levy will target profits made from a spike in oil and gas prices as energy demand is going up after pandemic lockdowns ended and the Russia-Ukraine conflict started.

British lawmakers approved a 25% windfall tax on oil and gas producers in the British North Sea on Monday, which the government says will raise 5 billion pounds ($5.95 billion) in one year to help people struggling with soaring energy bills.The Energy Profits Levy will target profits made from a spike in oil and gas prices as energy demand is going up after pandemic lockdowns ended and the Russia-Ukraine conflict started.

Britain's main oil and gas sector said it had secured some changes to a planned windfall tax but is seeking further allowances from the new Finance Minister Nadhim Zahawi, with the bill set to go through parliament on Monday. Former finance minister Rishi Sunak, who resigned on Tuesday, announced an Energy Profits Levy (EPL) on oil and gas producers in May to raise 5 billion pounds ($6 billion) to support households struggling with the soaring cost of living.

Britain's main oil and gas sector said it had secured some changes to a planned windfall tax but is seeking further allowances from the new Finance Minister Nadhim Zahawi, with the bill set to go through parliament on Monday. Former finance minister Rishi Sunak, who resigned on Tuesday, announced an Energy Profits Levy (EPL) on oil and gas producers in May to raise 5 billion pounds ($6 billion) to support households struggling with the soaring cost of living.

Britain's main oil and gas sector said it had secured some changes to a planned windfall tax but is seeking further allowances from the new Finance Minister Nadhim Zahawi, with the bill set to go through parliament on Monday. Former finance minister Rishi Sunak, who resigned on Tuesday, announced an Energy Profits Levy (EPL) on oil and gas producers in May to raise 5 billion pounds ($6 billion) to support households struggling with the soaring cost of living.

Britain's main oil and gas sector said it had secured some changes to a planned windfall tax but is seeking further allowances from the new Finance Minister Nadhim Zahawi, with the bill set to go through parliament on Monday. Former finance minister Rishi Sunak, who resigned on Tuesday, announced an Energy Profits Levy (EPL) on oil and gas producers in May to raise 5 billion pounds ($6 billion) to support households struggling with the soaring cost of living.

The size of the common global economic shocks from the pandemic and from Russia's invasion of Ukraine has been the overwhelming driver of high inflation and slower growth for most European countries. But in recent days, the Bank of England Governor Andrew Bailey warned inflation is set to be higher for longer here in the UK, and growth in the economy weaker too. These gloomy forecasts echoed those made by the International Monetary Fund and the Organisation for Economic Co-operation and Development, which has 38 member countries.

The UK’s two biggest listed oil companies will face an odd dilemma this week as they present what is likely to be their best set of results for years while facing calls to cough up more in tax.

UK Energy Secretary Kwasi Kwarteng indicated on Wednesday that the British government will not cease the oil and gas production in the nation

Britain will be forced to import almost all its gas and most of its oil from overseas suppliers unless billions of pounds are invested in new North Sea exploration and production facilities, according to a stark report from Offshore Energies UK.

Tie-up will also see UK oil major will establish a local offshore wind development team in Tokyo

Oil company Esso has been fined half a million pounds for a leak of a dangerous gas that was only discovered by a worker who was cycling home. The operator of the UK’s largest oil refinery was prosecuted for health and safety breaches after around 15 tonnes of liquid petroleum gas (LPG) was released through a valve near to the main roadway used by LPG road tankers visiting Esso Petroleum Company’s refinery in Fawley, Hampshire. The leak, which happened on 15 November 2015, went undetected for around four hours before being discovered by an employee as he was leaving the premises. It took a further hour to establish the source of the leak with on-site emergency personnel having to enter the area to reset the valve.

(Bloomberg) -- Oil held a decline as an increase in OPEC’s demand forecast for next quarter was offset by uncertainty over the omicron virus variant. West Texas Intermediate was little changed near $71 a barrel in Asia after slipping 0.5% on Monday. The Organization of Petroleum Exporting Countries boosted estimates for oil consumption by 1.1 million barrels a day, according to a monthly report from the group’s research department. The cartel still sees a surplus in the first quarter, albeit not as large as previously expected. “OPEC’s anticipation of a surplus in the global oil market suggests an imminent correction in prices, with WTI possibly retesting the $60 level,” Bloomberg Intelligence analyst Henik Fung said in a note. “The outlook for demand may be affected by a one-two punch of omicron’s spread across Europe and the Fed’s hawkish stance on inflation.”

Investing.com – Oil was up Monday morning in Asia, extending recent gains as fears over the omicron COVID-19 variant’s impact on the economic recovery and fuel demand continue to ease. Brent oil futures rose 1.52% to $76.29 by 10:26 PM ET (3:26 AM GMT) and WTI futures jumped 1.59% to $72.81. Both Brent and WTI futures gained around 8% last week, the first weekly gain in seven. "Market sentiment has improved as the threat of the omicron variant has receded. WTI futures will probably test its recent high of $73.34 and then try to rise towards $78, the level before the Omicron fears led to a sharp sell-off in late November," Fujitomi Securities Co Ltd. analyst Toshitaka Tazawa told Reuters.

In our series of articles on Power Scotland and the move to renewable energy we have targeted coal as the number one enemy for global warming. Scotland no longer generates electricity from coal. The two largest and the last to go were Cockenzie in 2013 and Longannet in 2016. England still has 4 coal-fired power stations due to be phased out by 2025. England also depends on former coal-fired plants now burning wood pellets that are now no longer recognised as renewable.

After gas shortages in the UK have led to soaring high prices, Qatar eyes an opportunity to strengthen ties with the UK in terms of gas supply. It is clear that Qatar sees Brexit as a chance to develop huge gas investments in the UK. The Gulf state already has $50 billion of investments in Britain and delivers 90 per cent of Britain's imports of liquefied natural gas, according to Qatar's Ministry of Energy. According to a report published by Financial Times, last month, Downing Street initiated LNG diplomacy talks with their Qatari counterparts on diverting four energy tankers to Britain.