Combined with a 30 per cent corporation tax rate and a 10 per cent supplementary rate, the total tax rate on UK oil and gas output is one of the world's highest at 78 per cent.
Expansion: Ithaca is looking to grow its presence in the North Sea despite many other energy businesses scaling back operations due to the windfall tax on oil and gas profits.
Ithaca is looking to grow its presence in the North Sea despite many other energy businesses scaling back operations due to the windfall tax on oil and gas profits.
Under the 'Energy Profits Levy,' initially introduced in 2022 by then Chancellor Rishi Sunak, oil and gas producers pay a 38 per cent surcharge on profits from extraction activities in the North Sea.
Production totalled 116,000 boepd in the fourth quarter, reaching a peak of 138,000 boepd, following Ithaca's £754million acquisition of nearly all Eni UK's upstream oil and gas assets in early October.
