The UK government announced on Friday that the windfall tax on oil and gas companies will stay in place until 2028, but the 75 per cent level will drop to 40 per cent if “prices consistently return to normal levels for a sustained period”.
The potential lowering of the rate of Energy Profits Levy should prices stabilise at normal levels was made in response to warnings from North Sea oil and gas production companies that investment was falling as a result of the current level of the windfall tax.
The government says the Energy Profits Levy has raised about £2.8 billion ($3.51 billion) to date, helping it to pay just under half the typical household energy bill last winter.
It is predicted that the windfall tax will raise £26 billion by March 2028.
The tax rate for oil and gas companies will return to 40 per cent only if both average oil and gas prices fall to, or below, $71.40 per barrel for oil and 54p per therm for gas, for two consecutive quarters, the government said. It added that this new Energy Security Investment Mechanism is unlikely to be triggered before the Energy Profits Levy falls away in 2028.
Jobs and security
“While we stepped in to help, never again can our energy supplies be at the whim of petrostate despots like Putin,” said Gareth Davies, Exchequer Secretary to the Treasury.
“That’s why it’s so important that we secure investment in our own domestic supply, protecting the tens of thousands of British jobs that come with it.
“It would be beyond irresponsible to turn off the North Sea taps overnight. Without oil and gas from British waters, we would be forced to import even more from overseas, putting our security of supply at risk.”
The industry body Offshore Energies UK estimates that 215,000 jobs in the UK are connected with the oil and gas sector and has said that 90 per cent of North Sea producers are cutting back investment, meaning that output could fall by 80 per cent in 10 years’ time.
Norway’s state oil company, Equinor, is still considering how to proceed with its major new North Sea project, Rosebank.
Applications for licences to explore and potentially develop 898 blocs in the North Sea were opened in October last year. This may lead to 100 such licences being award by the end of 2023.
Common%20symptoms%20of%20MS
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COMPANY%20PROFILE
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The Vines - In Miracle Land
Two stars
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
UAE currency: the story behind the money in your pockets
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
The five pillars of Islam
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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Most%20ODI%20hundreds
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Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
Sholto Byrnes on Myanmar politics
