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According to Sinochem New Network, the UK government has recently decided to extend the windfall tax policy for oil and gas producers in the North Sea until March 2030. According to documents from the Office for Budget Responsibility, Chancellor Rachel Reeves aims to raise billions of pounds through this tax in order to alleviate the financial pressures caused by high borrowing costs and the reversal of welfare cuts. This Energy Profit Tax (EPL) was introduced three years ago, during the period when the Russia-Ukraine conflict drove up energy prices. Although energy prices fell thereafter, the government continued and strengthened this tax to enrich the treasury. Last year, the windfall profit tax rate was raised to 38%, bringing the overall tax burden on the oil and gas industry to 78%. However, manufacturers point out that high tax burdens are reducing the attractiveness of the UK for investment, with many companies reevaluating their operations there and choosing to sell, merge, or scale back. The industry organization UK Offshore Energy is calling on the government to reform tax policies as soon as possible. Its analysis shows that if the windfall tax is adjusted in 2026 rather than 2030, it could generate an additional £15.7 billion to £48.6 billion in taxes over the next decade. The organization warns that delaying reforms will lead to a 40% decline in North Sea production by 2030, the loss of around 1,000 jobs per month, an increased reliance on imported energy, and a reduction in the tax base for domestic oil and gas production.