The UK offshore oil and gas industry says that the recent “standoff” with the government over tax policies is over, even as the Labour cabinet proceeded, as planned, with a tax hike that further raised the fiscal burden on the sector. Earlier this week, the UK’s Chancellor of the Exchequer, Rachel Reeves, unveiled her first budget for the Labour government. In the Autumn Statement on Wednesday, Reeves confirmed that the windfall tax on UK North Sea operators, officially known as the Energy Profits Levy (EPL), is rising to 38%…
