Tax revenues from North Sea oil and gas have increased to almost £8bn in the first nine months of this year.
Figures from the Aberdeen and Grampian Chamber of Commerce show the UK Government’s tax take has increased nearly seven-fold from the same period last year.
A windfall tax for the energy sector was introduced in May, which brought in a 25% surcharge on extraordinary profits from energy companies.
Chancellor Jeremy Hunt is understood to be considering raising this further in order to improve the UK’s fiscal position.
The chamber of commerce analysed tax receipt data from between January and September this year, finding that offshore companies paid £7.9bn in tax.
This would be a 692% increase on the same period in 2021.
Ryan Crighton, policy director at the chamber of commerce, said: “North Sea companies are contributing enormously to the financial help being offered to businesses and families, while at the same time working tirelessly to increase the UK’s domestic energy production to keep the lights on this winter.
“The suggestion that their reward for this should be a second windfall tax is, frankly, outrageous.
“The case for a windfall tax on excess profits in the energy sector was always that the extra revenue wasn’t planned for and was a consequence of the war in Ukraine.
“However, that same conflict has sent inflation soaring in the UK, which in turn has driven up interest rates and therefore the cost of our mortgages.
“So, you could make the exact same case for a windfall on bank profits.”
Meanwhile, the the Scottish Greens have claimed that a “meaningful” windfall tax on fossil fuel giants is more urgent than ever.
It comes as Shell reported its second-highest quarterly profit on record, with global profits reaching £8.2bn between July and September.
However, the business avoided paying the UK’s windfall tax as it said it had invested heavily in the North Sea.
The Scottish Greens said that while Rishi Sunak introduced the tax on energy profits during his time as chancellor, it was “unfit for purpose” and “far too low”.
Its energy and environment spokesman Mark Ruskell said: “Without fundamental action from Westminster, this will be a long, hard winter for millions of households and families across Scotland and beyond.
“This is one of the wealthiest societies in the world, yet, as winter bites, the Tories are introducing cuts while many are already being forced to choose between heating and starving.
“Meanwhile, the oil and gas company executives are laughing their way to the bank while profiting from the misery, which is having a devastating impact on household bills and the world around us.”
Ruskell also warned that the awarding of new oil and gas exploration licences is “the worst kind of climate vandalism” and urged for a “full-scale restructuring” of the economy involving a shift away from fossil fuels.
He said: “One step we could take very quickly, which could make a big difference and fund the transition, would be a proper, meaningful windfall tax on the obscene profits that are being made.
“The money raised could be used to deliver real relief for people here and now while supporting a major investment in renewable energy and allowing us to finally break the link between fossil fuel prices and household bills.
“It is time for the UK Government to finally step up and take the climate action that is needed to reduce bills and accelerate our pathway towards a just transition away from fossil fuels.”
A UK Government spokesman responded: “The Energy Profits Levy - which comes on top of an existing 40% headline rate of tax for the industry - is expected to raise £17bn this year and next to help fund cost-of-living support for eight million people.
“We also want to see the sector reinvest its profits to support the economy, jobs and our energy security, which is why the more investment a firm makes into the UK, the less tax they will pay.”
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