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flag UK energy sector warns 78% tax could cut North Sea output 40% by 2030, cost 1,000 jobs monthly.

flag The UK’s offshore energy sector warns that keeping the 78% Energy Profits Levy unchanged until 2030 risks accelerating the North Sea’s decline, with output potentially dropping 40% by 2030 and 1,000 jobs lost monthly. flag Industry group OEUK says reforming the tax by 2026 could boost tax receipts to £48.6 billion over ten years, unlock $65.7 billion in projects, and support tens of thousands of jobs. flag Without reform, investment may stall, threatening energy security and the supply chain, while the government maintains the levy is needed for public finances and a clean energy transition.

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