Shell’s finance chief Sinead Gorman has called for “certainty” on the Government’s oil and gas policy, the day after Labour confirmed plans in yesterday’s budget to raise a windfall tax on North Sea oil and gas firms.
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00:00Hello, I'm Michael Crosland, Business Reporter with the Yorkshire Post, here with the news
00:04this morning that Shell's Finance Chief, Sinead Gorman, has called for certainty on the Government's
00:11oil and gas policy the day after Labour confirmed plans in yesterday's budget to raise a windfall
00:17tax on North Sea oil and gas firms. Chancellor Rachel Reeves said yesterday that she would
00:23increase the tax, which is known as the Energy Profits Levy, from 35% to 38%. Ms Gorman has
00:31said today that elected officials just have to balance budgets in the best way that they
00:36see fit, but added that Shell has to look for policies that provide certainty as the
00:42company invests over the long term. Ms Gorman also said that Shell continues to engage constructively
00:49with the Government. Her comments come as the oil and gas giant announced that its earnings
00:55fell slightly last quarter after profit margins declined at its refining business amid a weaker
01:01global demand for oil. The firm said that adjusted earnings were $6.03 billion or £4.65
01:10billion, a fall from the $6.22 billion in the same period last year. Shell's profits
01:18did however come in higher than market forecasts last quarter after it made more money from
01:24its gas business than people had expected. That's all for the time being, I'm Michael
01:29Crosland reporting for the Yorkshire Post.