Neptune Energy: Projects ‘at risk’ from ‘poorly targeted windfall tax’

Neptune Energy has released its third-quarter results, highlighting that projects in the UK are “at risk” from the government windfall tax.

CEO Pete Jones said: “We have been maturing new development opportunities across our global portfolio, however, some of these opportunities are at risk from potentially poorly targeted windfall taxes, particularly in the UK, Germany and the Netherlands.

“Neptune is supportive of a fair level of taxation, but mechanisms must not discourage investment in incremental production to support energy security priorities, as well as carbon reduction initiatives.”

Chancellor Jeremy Hunt is due to unveil his Autumn Budget later – including an expected increase to the windfall tax, otherwise known as the Energy Profits Levy (EPL).

Private equity-backed Neptune reported Q3 pre-tax profits of $935.8m – a surge of more than $500m on the same period in 2021.

More follows.