Story perspectives

Reform Energy Profits Levy: Unlock £137 Billion, 23,000 Jobs

9/3/2025

Summary

Story summary

Offshore Energies UK (OEUK) calls for reform of the Energy Profits Levy (EPL) to potentially generate £137 billion and create 23,000 jobs by 2030.
The EPL, currently at 38%, is expected to raise only £21.1 billion by 2028, falling short of previous estimates.
Without reform, UK oil and gas production may decline by 40% in five years, threatening energy security.
Proposed changes could unlock £41 billion in investment, enabling the UK to meet half its oil and gas demand by 2050.
The Scottish Government urges UK ministers to consider ending the EPL early to stabilize the offshore energy sector.

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Story summary

Offshore Energies UK (OEUK) calls for reform of the Energy Profits Levy (EPL) to potentially generate £137 billion and create 23,000 jobs by 2030.
The EPL, currently at 38%, is expected to raise only £21.1 billion by 2028, falling short of previous estimates.
Without reform, UK oil and gas production may decline by 40% in five years, threatening energy security.
Proposed changes could unlock £41 billion in investment, enabling the UK to meet half its oil and gas demand by 2050.
The Scottish Government urges UK ministers to consider ending the EPL early to stabilize the offshore energy sector.