‘Hefty’ North Sea profits call for Norwegian-style taxation but will probably be ignored

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John Robertson
‘Hefty’ North Sea profits call for Norwegian-style taxation but will probably be ignored

In Energy Voice yesterday: ‘Neptune Energy’s first ever results reveal hefty profit. Neptune Energy’s inaugural set of financial results revealed profits in excess of £250 million in the first half of 2018. Revenues were just shy of £800m as the company pumped out 166,000 barrels of oil equivalent per day during the reporting period. Pre-tax profits totalled £262m at Neptune, which did not own any producing assets last year.’ https://www.energyvoice.com/oilandgas/north-sea/181017/neptune-energys-first-ever-results-reveal-hefty-profit/ However, it seems unlikely the UK Treasury will meaningfully tax…

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John Robertson
‘Hefty’ North Sea profits call for Norwegian-style taxation but will probably be ignored