Campaigners warn that prematurely ending the energy profits levy could cost the UK Treasury up to £8.6 billion by 2030, intensifying fiscal policy debates.

Senegal is placing 109 of its 113 oil and gas blocks on the open market, launching a sweeping investor roadshow and asserting greater national control.

Shell's net profits more than doubled to nearly $10bn, driven by surging wholesale energy prices amid ongoing conflict in the Middle East.