The U.K.’s new chancellor, Rachell Reeves, recently announced that the windfall tax (formally known as the Energy Profits Levy) will be increased to 38 percent (up from 35 percent) on November 1, bringing the rate of tax on upstream oil and gas activities to 78 percent.
Last Wednesday, UK Chancellor of the Exchequer Jeremy Hunt announced that the windfall tax on UK oil and gas firms will remain in place for another five years, until March 2029.
