Policy and Geopolitics Explainer

OEUK wants Chancellor John Healey to swap the Energy Profits Levy for the price-triggered Oil and Gas Revenue Levy in 2027, three years ahead of the scheduled March 2030 date. The lobby group's own modeling shows an extra £14.9 billion in revenue and 111 unlocked North Sea projects by 2035 — an industry forecast, not a Budget commitment.

Reported, not signed: the Wall Street Journal says Washington has proposed a $5 billion opening stake in a Partnership for Allied Trust and Construction (PACT) fund to rebuild war-damaged Gulf energy sites and finance routes around the Strait of Hormuz. Eight Gulf states are being asked to match it toward $10 billion; none has signed, and terms remain under negotiation.