Britain plans to overhaul its windfall tax regime on oil and gas producers once current levies run out in 2030, it said on Wednesday as it vowed to transform the North Sea into a renewables hub. The government is asking industry players and others to provide feedback until May 28 on policy options including taxing what it calls "excess revenue".

UK oil and gas drillers face a new tax that would see them pay more if global prices rise, under proposals to overhaul the North Sea duties regime in the wake of the energy crisis. The mechanism would replace the controversial “windfall tax”,

Ministers will consult with North Sea businesses, trade unions, workers, green groups and communities over plans for the energy sector’s future.

The U.S. Treasury Department is formally rescinding a Biden-era license allowing Chevron (CVX) to pump oil in Venezuela, giving the oil major