The UK government has proposed ending the windfall tax on oil and gas profits by 2030 as part of a consultation into the future of the North Sea.
Announcing the consultation on Wednesday afternoon, the Department for Energy Security and Net Zero said existing oil and gas fields would be maintained throughout their lifespan, while committing to no new exploration licences.
The government said it wants to expand the use of clean technologies, including hydrogen, carbon capture and wind, projecting tens of thousands of new jobs by 2030.
"To achieve this, the government needs to ensure the oil and gas industry and its workers can take advantage of a clean energy future."
Alongside this,. HM Treasury and HM Revenue and Customs confirmed that the Energy Profits Levy will end in 2030 and is also consulting on "what a new regime could look like, to respond to any future shocks in oil and gas prices".
"The consultation is about a dialogue with North Sea communities – businesses, trade unions, workers, environmental groups and communities – to develop a plan that enables us to take advantage of the tremendous opportunities of the years ahead," said Energy Secretary Ed Miliband.
"Today’s consultation explores how to harness the North Sea’s existing infrastructure, natural assets and world-leading expertise to deploy new technologies – like hydrogen, carbon capture and storage, and renewables – to create skilled jobs, meet the UK’s climate obligations, and make the UK a clean energy superpower."