HURRICANE Energy has said it expects to pay around £4.2 million a year over the next three years in windfall taxes to the Government.

The West of Shetland oil pioneer's reckoning is despite the tax being increased on Thursday.

The business said that the changes to the levy, which increased the tax from 25% to 35% from the start of next year, would not cost it any more over the next two years than it has this year.

However, the company warned that this was an early estimate and is dependent on many things, including oil prices staying at current levels.

It said the windfall tax "will be a similar amount, but this is heavily dependent on the company's cost base at the time and the achieved level of revenue, driven by the price of oil".

Companies are able to offset a majority of the added tax if they invest in the North Sea.

Hurricane also said: "The formal sale process announced by the Company on 2 November 2022 is progressing, with multiple expressions of interest received from credible counterparties. The company will provide further updates in due course."

East Kilbride Shopping Centre in administration

THE owner of Scotland's largest undercover shopping and leisure destination has gone into administration.

Blair Nimmo and Alistair McAlinden of Interpath Advisory have been appointed joint administrators of Sapphire, owner of the East Kilbride Shopping Centre.

Glasgow-made alcoholic oat milk cocktail set for supermarket shelves

THE founder of Panther M*lk – an alcoholic oat milk cocktail made in Glasgow – plans to ramp up production and is targeting revenues of £1 million in 2023 following talks with major UK retailers.

Paul Crawford, who appeared on the BBC’s Dragons’ Den in March, aims to increase production volumes next year from hundreds of bottles per month to potentially tens of thousands in response to rising demand.

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Sign up for free: You can now get the briefing sent direct to your email inbox twice-daily, and Business Week for the seven-day round-up on Sunday 👇

HeraldScotland: