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Oil and Gas Decommissioning Relief Deeds

08 April 2025

Proposing MP
James Murray Lab Co-op
Ealing North
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

Issue Summary

The statement discusses the government's fiscal approach for oil and gas, including decommissioning relief deeds signed with companies.

Action Requested

The government has signed 109 decommissioning relief deeds since October 2013, unlocking approximately £14.7bn of capital investment in the sector, and commits to annual reporting on progress.

Key Facts

  • Companies engaged in oil and gas production in the UK are subject to a 78% headline tax rate.
  • The government announced at Budget 2013 it would begin signing decommissioning relief deeds with companies.
  • Since October 2013, 109 decommissioning relief deeds have been signed.
  • Offshore Energies UK estimate these deeds have unlocked approximately £14.7bn of capital investment.
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