Shell calls for ‘certainty’ from Government on oil and gas policy

Yorkshire Post

Shell’s finance chief Sinead Gorman has called for “certainty” on the Government’s oil and gas policy, the day after Labour confirmed plans in yesterday’s budget to raise a windfall tax on North Sea oil and gas firms.

Transcript

00:00Hello, I'm Michael Crosland, Business Reporter with the Yorkshire Post, here with the news

00:04this morning that Shell's Finance Chief, Sinead Gorman, has called for certainty on the Government's

00:11oil and gas policy the day after Labour confirmed plans in yesterday's budget to raise a windfall

00:17tax on North Sea oil and gas firms. Chancellor Rachel Reeves said yesterday that she would

00:23increase the tax, which is known as the Energy Profits Levy, from 35% to 38%. Ms Gorman has

00:31said today that elected officials just have to balance budgets in the best way that they

00:36see fit, but added that Shell has to look for policies that provide certainty as the

00:42company invests over the long term. Ms Gorman also said that Shell continues to engage constructively

00:49with the Government. Her comments come as the oil and gas giant announced that its earnings

00:55fell slightly last quarter after profit margins declined at its refining business amid a weaker

01:01global demand for oil. The firm said that adjusted earnings were $6.03 billion or £4.65

01:10billion, a fall from the $6.22 billion in the same period last year. Shell's profits

01:18did however come in higher than market forecasts last quarter after it made more money from

01:24its gas business than people had expected. That's all for the time being, I'm Michael

01:29Crosland reporting for the Yorkshire Post.

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