Beautiful Virgin Islands

Tuesday, Jun 17, 2025

Shell to 'evaluate' 25 bln pound British investments after windfall tax

Shell to 'evaluate' 25 bln pound British investments after windfall tax

Shell (SHEL.L) said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government's decision to increase a windfall tax on oil and gas producers.
"We're going to have to evaluate each project on a case by case basis," said Shell's UK country chair David Bunch told the Confederation of British Industry's annual conference in Birmingham. "When you tax more you're going to have less disposable income in your pocket, less to invest."

British finance minister Jeremy Hunt last week announced plans to increase a windfall tax on North Sea producers to 35% from 25% in the face of surging energy prices in order to help plug a major hole in public financing.

The government forecasts that the tax, which was also extended from the end of 2025 to 2028, will raise 40 billion pounds.

The tax, known as the Energy Profits Levy (EPL), will bring the total taxes on the sector to 75%, among the highest in the world. It nevertheless allows to deduct most investments in new oil and gas projects from the tax.

In a statement on Monday, Shell said that the EPL should be designed to provide incentives to address oil and gas supply shortages as well as longer-term investments in renewables.

To reach that objective, the EPL should include a "price backstop" in case oil and prices drop sharply and should also be expanded to include investments in wind generation, hydrogen and carbon capture technology, Shell said.

Shell said earlier this year it plans to invest 20 to 25 billion pounds over the next 10 years in Britain's energy infrastructure including oil and gas, offshore wind, electric vehicle charging and hydrogen.

"The energy sector needs to have confidence that there will now be a stable investment climate following a period of considerable uncertainty," Shell said.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
HSBC Accelerates Chairman Succession as Mark Tucker Prepares Departure
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Cristina Kirchner Requests House Arrest Citing Assassination Risk
Beata Thunberg Rebrands as Beata Ernman Amidst Sister's Activism Controversy
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Sole Survivor of Air India Crash Recounts Escape
UK and EU Reach New Economic Agreement
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Two Women Found Dead in Eryri National Park
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Pentagon Initiates Review of AUKUS Nuclear Submarine Pact
×