Jersey Oil & Gas (LSE:JOG) has acknowledged the UK Government’s introduction of the Oil and Gas Price Mechanism (OGPM), which will replace the current Energy Profits Levy. Under the OGPM, revenues earned above predefined price thresholds will face a 35% tax rate, with the mechanism scheduled to take effect in 2030—or sooner if specific market triggers are reached. The updated framework offers greater fiscal certainty for Jersey Oil & Gas and its partners, NEO Next Energy and Serica Energy, as they assess how the new regime may influence development plans for the Buchan project.
More about Jersey Oil & Gas
Jersey Oil & Gas is an independent upstream energy company focused on the UK Continental Shelf in the North Sea, where it is engaged in the development and revitalisation of key offshore assets.
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