The UK government has announced a new tax regime to replace the Energy Profits Levy in 2030, and an updated licencing policy to facilitate new tiebacks to existing developments. While that means the EPL will remain in place until March 2030, we would expect that the long-term stability that this provides for UK fiscal terms, alongside the incentive for producers to expend CAPEX during the remaining EPL period, should underpin FID on JOG’s Buchan project in due course.