Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of changes to taxation on oil and gas production in the North Sea.

When the Energy Profits Levy comes to an end, either in March 2030 or earlier if the price floor triggers, it will be replaced by the permanent Oil and Gas Revenue Levy which will operate to ensure oil and gas companies continue to pay their fair share in times of high prices.

The Government recognises that domestic oil and gas will continue to have a role in the energy mix for decades to come, and we are committed to managing the transition in the North Sea in a way that is fair, strengthens our security, and supports the workforce for the future.