The long-awaited Budget finally happened. While there was no early end to the Energy Profits Levy (EPL), as mooted in the run-up to the day, or any other major changes for oil and gas producers, the government did publish its response to the Price Mechanism Consultation, outlining the permanent replacement mechanism to the EPL. The replacement, named the Oil & Gas Price mechanism (OGPM) is a revenue-based model, crucially detaching oil and gas cashflow streams, only paid on incremental sales, an ....
