OGUK calculates £3bn ‘bonanza’ for UK Treasury from surging gas prices

UK oil and gas companies will contribute billions more to the country’s coffers whether a windfall tax is introduced or not.

Oil and Gas UK (OGUK) has calculated that the sector will pay about £3 billion in extra corporation tax as a result of the spike in global gas prices.

That is based on analysis of how the rise in the price of gas, from an average of 24.9p per therm in 2020 to a spot price peak of 454p per therm in 2021, will benefit the UK Treasury.

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