More than £8bn of North Sea energy projects could now be pursued, as energy companies take advantage of a tax break in Rishi Sunak’s windfall levy.
The chancellor's one-off tax on North Sea oil and gas operators was announced late last month, with the aim of raising £5bn to help offset the rising cost of living.
However, it also offers 91p of tax savings for every £1 of investment made by companies, in order to encourage reinvestment their recent record earnings in the UK and build up domestic energy supplies.
