Windfall tax measures could ‘accelerate’ major UK oil projects like Cambo and Rosebank

Windfall tax measures could ‘accelerate’ major UK oil projects like Cambo and Rosebank

Windfall tax measures announced by Rishi Sunak could “accelerate” major UK oil and gas projects like Cambo and Rosebank, according to experts.

The Chancellor’s 25% increase in the tax rate also came with a major boost to investment incentives of 91.25% while the levy is still in place  – through to the end of 2025.

Graham Kellas of Wood Mackenzie said the timeframe “could be enough for some discoveries, currently awaiting final investment decision, to be developed” given the bulk of costs receiving relief.