UK gas producers need to read the room

The reality of price rises facing consumers means the dialogue has shifted

It is entirely understandable that E&P firms that had stuck with the UK continental shelf (UKCS) through what had been a relatively fallow period since 2014 were frustrated by the announcement of the country’s Energy Profits Levy (EPL), particularly coming just mere weeks after a new energy security strategy had emphasised a key role for more domestic production. In particular, Petroleum Economist feels and understands the palpable sense of unfairness among those that committed capital in more challenging periods that these investments made prior to the EPL cannot be offset against the new tax. But the industry needs to look at NBP prices for this winter trading at 550-750p/th, at predic