Secure the UK’s Energy Future

Reform the EPL in 2026 to protect jobs and boost tax revenues.

The UK is at a critical moment.

The Energy Profits Levy is holding back investment, accelerating the decline of the North Sea, and putting jobs at risk.

OEUK’s latest analysis shows that reforming the EPL in 2026 will deliver more tax, not less, while giving the country a stronger, more secure energy future.

Our ask is clear. Reform the Energy Profits Levy in 2026. Nothing else will cut it.

Key Findings

The impact of reforming the EPL in 2026

Our new analysis shows that updating the tax in 2026 would:

  • Increase government revenues by £15.7 billion within ten years

  • Unlock £50 billion of UK oil and gas projects

  • Sustain tens of thousands of highly skilled jobs

  • Support the supply chain needed for offshore wind, carbon storage and hydrogen

  • Keep the UK’s energy system secure by making full use of homegrown resources

£15.7 billion more in tax revenues

Reforming the EPL in 2026 – rather than delaying until 2030 – increases tax receipts from £32.9 billion to £48.6 billion.
This comes from:

  • £7.5 billion in payroll taxes from jobs sustained

  • £6.3 billion extra corporation tax from operators

  • £4.6 billion from the new oil and gas price mechanism

  • Wider contributions from the UK supply chain and midstream infrastructure

Explore OEUK’s 2025 Budget Submission

Get a clear picture of OEUK’s recommendations and priorities for the upcoming Budget.

View

Support the campaign: Take Action

The future of the North Sea affects us all. Reach out to your MP or a DESNZ Minister today.

Email Your MP or a DESNZ Minister

Support the OEUK Future of the North Sea Campaign

OR

Your expertise and commitment are crucial. Help us by advocating for investment, sharing your success stories, and writing to your local MP and newspaper.

Share on Twitter Share on Facebook Share on LinkedIn

We encourage policymakers to engage with industry to learn more about our people, companies, and talents across the UK that support economic growth, energy security, and delivery of net zero.

Contact our External Affairs team

Our latest
publication

This briefing document sets out OEUK’s perspective on the future of the North Sea, highlighting its essential role in supporting the UK’s energy security and climate goals. It calls for a stable and competitive investment environment, a clear long-term strategy, and strong collaboration between industry and government. The document outlines opportunities in oil and gas, offshore wind, hydrogen, and carbon capture and storage (CCUS), and makes the case for a joined-up approach that supports jobs, drives innovation, and boosts economic growth.

UK Constituency Map

Use our interactive map to discover detailed information about every UK parliamentary constituency. Find your local MP and see which OEUK members are active in your area.

View

What are the benefits of the UK’s North Sea?

  • 01.

    Supports skilled jobs nationwide

    The offshore energy industry sustains over 200,000 jobs across the UK, including 90,000 in Scotland. 

  • 02.

    Major economic contributor

    In 2023 alone, UK oil and gas added £25bn to the economy. Companies operating here plan to invest over £120bn in offshore energy by 2030, including at least £65bn in offshore wind, hydrogen and the carbon capture and storage – all solutions needed to help the nation decarbonise. 

  • 03.

    Essential for energy security

    Even in the net zero future, the UK will require 13-15 billion barrels of oil and gas between now and 2050. Current plans show the UK will produce less than 4 billion barrels, leaving us increasingly reliant on imports.  

  • 04.

    Delivering the energy transition

    The industry has cut oil and gas emissions by 28% since 2018 and more than halved methane emissions. The same supply chains, engineering expertise, and infrastructure that deliver our oil and gas today are also building the offshore wind farms, carbon storage projects, and hydrogen networks of the future.  

  • 05.

    A national strategic asset powering industry

    The North Sea underpins industrial capability across the UK, from energy hubs in Aberdeen and Teesside to manufacturing sites in the Black Country, the Humber, and central Scotland. 

The Future of the North Sea is in Our Hands

The need to support homegrown oil and gas in the UK

Get involved: Your voice matters

Stay connected

Sign up for updates and follow us on social media channels to continue the conversation.

Support the campaign

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Consent

Working together, producing cleaner energies

Become a member