The Oil and Gas Authority (Levy and Fees) Regulations 2026

Made: 25th February 2026

Laid before Parliament: 2nd March 2026

Coming into force: 1st April 2026

The Secretary of State makes these Regulations in exercise of the powers conferred by sections 12(1), (2), (5) and (6), 13(1) to (4), 14(1) and (3) to (9) and 82(2) and (3) of the Energy Act 2016[^f00001].

The Secretary of State has consulted the Oil and Gas Authority[^f00002] in accordance with sections 12(8) and 13(8) of the Energy Act 2016.

Part 1 — General

Citation, commencement and extent

1

• (1) These Regulations may be cited as the Oil and Gas Authority (Levy and Fees) Regulations 2026 and come into force on 1st April 2026.

• (2) These Regulations extend to the United Kingdom.

Part 2 — The Oil and Gas Authority Levy

Interpretation

2

In this Part—

• “licensee” means a person who holds a petroleum licence or, where a petroleum licence is held by more than one person, together the persons who hold that petroleum licence;

• “non-production levy” means the levy which is payable in respect of the relevant charging period in accordance with regulation 4 and which is calculated in accordance with the formula in regulation 5(2);

• “offshore exploration licence” means a petroleum licence of the sort referred to in regulation 2(2)(a) of the Offshore Exploration (Petroleum, and Gas Storage and Unloading) (Model Clauses) Regulations 2009[^f00003], relating to an area any part of which lies within offshore waters;

• “offshore production licence” means a petroleum licence relating to an area any part of which lies within offshore waters which is not an offshore exploration licence;

• “offshore waters” means— the waters comprising the territorial sea of the United Kingdom, and the sea in any area for the time being designated under section 1(7) of the Continental Shelf Act 1964[^f00004];

• “payment notice” means a notice given to a licensee in accordance with regulation 6 in respect of the relevant charging period;

• “petroleum licence” means a licence granted under— section 2 of the Petroleum (Production) Act 1934[^f00005] (licences to search for and get petroleum), or section 3 of the Petroleum Act 1998[^f00006] (licences to search and bore for and get petroleum), which is not an excluded licence[^f00007] in relation to the relevant charging period;

• “production levy” means the levy which is payable in respect of the relevant charging period in accordance with regulation 3 and which is calculated in accordance with the formula in regulation 5(1);

• “relevant charging period” means the period beginning on 1st April 2026 and ending on 31st March 2027;

• “relevant time” means 12.01 a.m. on 1st April 2026;

• “total amount of levy” means the total payable by licensees in accordance with regulations 3 and 4, being £44,734,000.

Liability to pay production levy

3

• (1) A licensee is liable to pay the production levy in respect of each offshore production licence which is held by the licensee at the relevant time and in respect of which either of the criteria at paragraph (2) is satisfied.

• (2) The criteria are that at the relevant time the licensee is, in accordance with that licence, entitled to—

• (a) erect or carry out any relevant works (within the meaning of the licence) either in the licensed area or elsewhere, for the purpose of getting petroleum from that area or for the purpose of conveying to a place on land petroleum got from that area, or

• (b) get petroleum from that area otherwise than in the course of searching for petroleum, drilling wells or testing wells.

• (3) Where the licensee is more than one person, the liability under paragraph (1) is joint and several.

Liability to pay non-production levy

4

• (1) Subject to paragraphs (2) to (4), a licensee is liable to pay the non-production levy in respect of each licence of the following kinds held by the licensee at the relevant time—

• (a) an offshore exploration licence;

• (b) an offshore production licence in respect of which neither of the criteria at regulation 3(2) is satisfied.

• (2) A licensee which at the relevant time—

• (a) is a micro-enterprise, and

• (b) holds an innovate licence in phase B of its initial term,

is liable to pay the non-production levy discounted by 80% in respect of that licence.

• (3) A licensee which at the relevant time—

• (a) is a micro-enterprise, and

• (b) holds either—

• (i) a promote licence in its promote period, or

• (ii) an innovate licence in phase A of its initial term,

is liable to pay the non-production levy discounted by 90% in respect of that licence.

• (4) A licensee does not qualify to pay the non-production levy at a discounted rate under paragraph (2) or (3) if the licensee, when viewed together with all group undertakings of the licensee, does not fall within the size and financial limits set out in the definition of “micro-enterprise”.

• (5) Where the licensee is more than one person—

• (a) the liability under this regulation is joint and several, and

• (b) the licensee is only a micro-enterprise for the purposes of paragraphs (2) and (3) if every person who holds the licence is a micro-enterprise.

• (6) In this regulation—

• “financial year” is determined in accordance with section 390 of the Companies Act 2006[^f00008];

• “group undertaking”, in relation to an undertaking, means— a parent undertaking or subsidiary undertaking of that undertaking, or a subsidiary undertaking of any parent undertaking of that undertaking;

• “innovate licence” means an offshore production licence in which, in accordance with the model clauses, the initial term of the licence (within the meaning of the licence) is divided into phases;

• “micro-enterprise” means an undertaking which has fewer than 10 employees and meets one or both of the following requirements— its turnover does not exceed £1,778,000; the aggregate of the amounts shown as assets in its balance sheet does not exceed £1,778,000, in the undertaking’s financial year immediately preceding that in which the licensee is liable to pay the non-production levy;

• “model clauses” means model clauses prescribed by the Petroleum Licensing (Production) (Seaward Areas) Regulations 2008[^f00009];

• “parent undertaking” has the meaning given in section 1162 of the Companies Act 2006;

• “promote licence” means an offshore production licence in which, in accordance with the terms of the licence— a “promote period” is specified, and a clause is included concerning the effect of the expiry of the promote period in relation to the continuation of that licence beyond that period;

• “subsidiary undertaking” has the meaning given in section 1162 of the Companies Act 2006;

• “turnover” has the meaning given in section 474 of the Companies Act 2006[^f00010];

• “undertaking” means— a body corporate or partnership, or an unincorporated association carrying on a trade or business, with or without a view to profit.

Calculation of production levy and non-production levy

5

• (1) The OGA[^f00011] must calculate the production levy in accordance with the formula—

$C × 0.89 P$

• (2) The OGA must calculate the non-production levy in accordance with the formula—

$C × 0.11 N 100 + N 90 × 0.1 + N 80 × 0.2$

• (3) In this regulation—

• “C” is £44,734,000 (being the total amount of levy);

• “N100” is the total number of licences in respect of which a licensee is liable to pay the non-production levy under regulation 4(1) and in respect of which neither regulation 4(2) nor regulation 4(3) applies;

• “N90” is the total number of licences in respect of which a licensee is liable to pay the non-production levy discounted by 90% under regulation 4(3);

• “N80” is the total number of licences in respect of which a licensee is liable to pay the non-production levy discounted by 80% under regulation 4(2);

• “P” is the total number of offshore production licences in respect of which a licensee is liable to pay the production levy under regulation 3(1).

Payment of the levy

6

Where a licensee is liable to pay a levy to the OGA in accordance with these Regulations, the OGA must notify the licensee in writing by 31st May 2026 as to—

• (a) whether the licensee is liable to pay the production levy, the non-production levy or both;

• (b) the total amount payable by the licensee;

• (c) the date by which that amount must be paid, being a date not less than 30 days after the date of the notice;

• (d) details of how the payment can be made.

Interest payable on late payment of the levy

7

• (1) Where any amount of levy is not paid in accordance with a payment notice, the licensee is liable to pay to the OGA interest calculated in accordance with paragraph (2) on the amount of the levy which remains unpaid.

• (2) Interest payable under paragraph (1) is simple interest calculated from day to day on the unpaid amount beginning with the date by which the amount must be paid until the date when payment is made, at a rate of 5% over the Bank of England base rate from time to time.

• (3) Where the licensee is more than one person, the liability under this regulation is joint and several.

• (4) For the purpose of this regulation, the “Bank of England base rate” means—

• (a) the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, or

• (b) where an order under section 19 of the Bank of England Act 1998[^f00012] (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.

Recovery of the levy

8

Where any amount of levy is not paid in accordance with a payment notice, that unpaid amount, together with any interest due in accordance with regulation 7, is recoverable as a civil debt due to the OGA.

Repayment or credit of the levy under these Regulations

9

• (1) This regulation applies where the total amount of levy exceeds the leviable costs.

• (2) The OGA must, by 31st December 2027, credit to each licensee the difference between—

• (a) the sum of the amount paid by or on behalf of that licensee in accordance with the payment notice and any interest paid by or on behalf of that licensee in accordance with regulation 7, and

• (b) the recalculated amount of levy payable by that licensee.

• (3) Any payment notice in respect of which sums remain outstanding is to be construed as referring to the recalculated amount of levy payable by the relevant licensee, and regulation 7 is to be construed accordingly.

• (4) In this regulation—

• “leviable costs” means the sum of the costs incurred by the OGA and the Lord Chancellor in exercising the functions referred to in section 13(2)(a) of the Energy Act 2016, excluding any costs incurred in exercising the functions referred to in section 13(2)(b) of that Act, in respect of the relevant charging period;

• “recalculated amount of levy payable” means the sum of— the amount of levy payable by a licensee in accordance with the payment notice, and any amount of interest which became payable by that licensee in accordance with regulation 7, multiplied by the relevant multiplier;

• “relevant multiplier” means the figure calculated by dividing the leviable costs by the total amount of levy, expressed to three decimal places.

Part 3 — The Oil and Gas Authority Fees

Amendments to the Oil and Gas Authority (Fees) Regulations 2016

10

• (1) The Oil and Gas Authority (Fees) Regulations 2016[^f00013] are amended as follows.

• (2) In regulation 2 (interpretation), insert the following definitions in the appropriate places—

• “carbon dioxide storage site” means a storage site within the meaning given by regulation 1(4) of the Storage of Carbon Dioxide (Licensing etc.) Regulations 2010[^f00014];
• “carbon dioxide storage well” means a well— drilled pursuant to a carbon dioxide appraisal and storage licence; or used in connection with activities authorised by such a licence;
• “carbon dioxide storage well injection test” means a test of the injection of any fluid into a carbon dioxide storage well for the purposes of appraising a carbon dioxide storage site;
• “extended carbon dioxide storage well injection test” means any carbon dioxide storage well injection test which has a total duration of fluid injection of 96 hours or more;
• “standard carbon dioxide storage well injection test” means any carbon dioxide storage well injection test which is not an extended carbon dioxide storage well injection test;

• (3) In regulation 3 (applications of a prescribed description)—

• (a) in paragraph (1)—

• (i) omit sub-paragraph (k),

• (ii) in sub-paragraph (p) omit the words from “under” to the end,

• (iii) in sub-paragraph (s) for “extend” substitute “amend”, and

• (iv) in sub-paragraph (t) for “extend” substitute “amend”,

• (b) in paragraph (3)—

• (i) in sub-paragraph (g) for “extend” substitute “amend”, and

• (ii) after sub-paragraph (k) insert—

(l) an application for consent to drill a primary carbon dioxide storage well, including wells for appraisal, development and injection of carbon dioxide, monitoring, and brine production; (m) an application for consent to drill a sidetrack carbon dioxide storage well branching off from the principal carbon dioxide storage well to a target location different from that of the principal well; (n) an application for consent to fit or refit equipment in a carbon dioxide storage well for the purpose of enabling carbon dioxide appraisal, development and injection or to remove such equipment; (o) an application for consent to a carbon dioxide storage well suspension; (p) an application for consent to abandon a carbon dioxide storage well permanently; (q) an application for consent to re-enter a carbon dioxide storage well to carry out remediation or other works in connection with carbon dioxide storage; (r) an application for consent to a standard carbon dioxide storage well injection test; (s) an application for consent to an extended carbon dioxide storage well injection test; (t) an application for consent to an amount of financial security maintained by an operator of a carbon dioxide storage site in accordance with the provisions of a carbon dioxide storage permit; (u) an application for consent to store gas[^f00015] pursuant to a gas storage licence, including injection of gas and recovery of stored gas.

• (4) In regulation 4 (fees payable for consents and pipeline works authorisations)—

• (a) in paragraph (1)—

• (i) omit sub-paragraph (f) and the “or” after it, and

• (ii) at the end of sub-paragraph (g) insert “; or

(h) an amount of financial security maintained by an operator of a carbon dioxide storage site in accordance with the provisions of a carbon dioxide storage permit.

• (b) in paragraph (2)—

• (i) omit the “or” after paragraph (f), and

• (ii) after paragraph (g) insert—

(h) a consent to flare or vent natural gas from a relevant oil processing facility or a relevant gas processing facility; or (i) a variation of a consent to flare or vent natural gas from a relevant oil processing facility or a relevant gas processing facility.

• (c) in paragraph (3), in the formula, for “£610” substitute “£710”,

• (d) in paragraph (7), after “programme” insert “, or for consent to a carbon dioxide storage proposal,”,

• (e) in paragraph (8), in the formula, for “£610” substitute “£710”,

• (f) in paragraph (9), in the definition of “B”, at the end, insert “, or an application for consent to a carbon dioxide storage proposal”,

• (g) in paragraph (10), after “programme” insert “, or an application for consent to a carbon dioxide storage proposal,”,

• (h) in paragraph (11), in the formula, for “£610” substitute “£710”,

• (i) in paragraph (12), in the definition of “B”, at the end, insert “, or an application for consent to a carbon dioxide storage proposal”,

• (j) for the table following paragraph (13), substitute the table below—

Application for consent to or authorisation for activity or matter	Fee payable
Pipeline works authorisation	£4,010
Category 1 pipeline works authorisation variation	£4,010
Category 2 pipeline works authorisation variation	£2,430
Variation of holder, user, owner or operator of a pipeline under a pipeline works authorisation	£2,430
Consent to a pipeline deposit proposal	£2,080
Pipeline works authorisation and deposit consents granted following the OGA receiving confirmation in writing of the last day of production from the relevant petroleum field	£2,430
Consent to get petroleum from a licensed area	£1,440
Variation of a consent to get petroleum from a licensed area	£1,440
Consent to flare or vent petroleum from a well	£1,080
Variation of a consent to flare or vent petroleum from a well	£1,080
Consent to flare or vent natural gas from a relevant oil processing facility or a relevant gas processing facility	£360
Variation of a consent to flare or vent natural gas from a relevant oil processing facility or a relevant gas processing facility	£360

• (k) in paragraph (15)(b), for “sub-paragraphs (d) to (g)” substitute “sub-paragraphs (d) to (i)”, and

• (l) after paragraph (15), insert—

(15A) In this regulation, “relevant gas processing facility” and “relevant oil processing facility” have the meanings given in sections 82(3) and 90 of the Energy Act 2011[^f00016].

• (5) For regulation 6 (fixed fees payable for other consents) substitute—

(6) (1) A licensee who makes an application to the OGA for consent to an activity or matter listed in the first column of the table following paragraph (4) must pay— (a) the corresponding fee in the second column of that table; or (b) double that corresponding fee where paragraph (2) applies. (2) This paragraph applies where— (a) the OGA receives— (i) an application for consent to amend the initial, second or final term of a petroleum licence; or (ii) an application for consent to amend the final phase of the initial term of a petroleum licence; and (b) the OGA notifies, in writing, the licensee making the application that the OGA requires additional information in order to determine the application. (3) Subject to paragraph (4), the licensee must pay any fee payable under paragraph (1) at the time of making the application, unless the OGA notifies the licensee in writing that the fee may be paid at a later date. (4) Where the fee payable under paragraph (1) is for one of the following applications, the licensee must pay the fee within 30 days of the OGA notifying the licensee of the determination of the application unless the OGA notifies the licensee in writing that the licensee may pay the fee at a later date— (a) an application for consent to amend the initial, second or final term of a petroleum licence; (b) an application for consent to amend the final phase of the initial term of a petroleum licence; (c) an application for consent to amend a work programme; (d) an application for consent to amend a carbon dioxide storage work programme; (e) an application for consent to store gas pursuant to a gas storage licence, including injection of gas and recovery of stored gas.

Activity or matter requiring consent	Fee payable
Methodology proposed for the measurement of petroleum	£1,440
Drill a primary well (other than a primary carbon dioxide storage well)	£1,210
Drill a sidetrack well (other than a sidetrack carbon dioxide storage well) branching off from the principal well to a target location different from that of the principal well	£1,010
Fit or refit equipment in a well for the purpose of enabling hydrocarbon production or injection	£500
Well suspension (other than carbon dioxide storage well suspension)	£1,050
Abandon a well (other than a carbon dioxide storage well) permanently	£1,050
Drill stem test	£400
Extended well test	£1,110
Change of licensee of a petroleum licence	£1,580
Change of the beneficiary of rights granted by a petroleum licence	£1,580
Appointment of an operator under a petroleum licence	£1,360
Amendment of the initial, second or final term of a petroleum licence	£5,840
Amendment of the final phase of the initial term of a petroleum licence	£5,840
Amendment of a work programme	£5,840
Drill a primary carbon dioxide storage well, including wells for appraisal, development and injection of carbon dioxide, monitoring, and brine production	£1,210
Drill a sidetrack carbon dioxide storage well branching off from the principal carbon dioxide storage well to a target location different from that of the principal well	£1,010
Fit or refit equipment in a carbon dioxide storage well for the purpose of enabling carbon dioxide appraisal, development and injection or to remove such equipment	£500
Carbon dioxide storage well suspension	£1,050
Abandon a carbon dioxide storage well permanently	£1,050
Re-enter a carbon dioxide storage well to carry out remediation or other works in connection with carbon dioxide storage	£1,050
Standard carbon dioxide storage well injection test	£400
Extended carbon dioxide storage well injection test	£1,110
Change of licensee of a carbon dioxide appraisal and storage licence	£1,580
Change of the beneficiary of rights granted by a carbon dioxide appraisal and storage licence	£1,580
Appointment of an exploration operator under a carbon dioxide appraisal and storage licence	£1,360
Appointment of a storage operator under a carbon dioxide appraisal and storage licence	£1,360
Amendment of the initial or appraisal term of a carbon dioxide appraisal and storage licence	£5,840
Amendment of a carbon dioxide storage work programme	£3,280
Store gas pursuant to a gas storage licence, including injection of gas and recovery of stored gas	£1,440

• (6) In regulation 6A(1) (fees payable for consent to retention or development area proposals), for “£1,250” substitute “£1,960”.

• (7) In regulation 6B(1) (fees payable for determination of oil fields), for “£5,340” substitute “£5,670”.

• (8) In regulation 6C (fees payable for metering examinations and tests), for the table following paragraph (3), substitute the table below—

Type of metering examination or test	Fee payable
Metering examination under a seaward area production licence	£3,330
Metering examination under a petroleum exploration and development licence	£4,020
Meter flow calibration for measurement of petroleum	£2,170
Measurement of carbon dioxide injection flow rate	£4,020

• (9) In regulation 6D (fees payable for approval of well or installation operators), for paragraphs (1) and (2) substitute—

(1) A licensee must pay a fee where— (a) the licensee applies to the OGA for approval of the appointment of a well or installation operator; and (b) the OGA consults the competent authority under regulation 5(3) of the Offshore Safety Directive Regulations[^f00017]. (2) The amount of the fee under paragraph (1) is determined by the formula— $£ 490 + A$ (2A) In paragraph (2), A is a reference to the sum of the fees charged by the competent authority when providing advice in accordance with the competent authority’s functions as a consultee under the following provisions— (a) section 13(6) of the Health and Safety at Work etc. Act 1974[^f00018] (powers of the Executive); and (b) regulation 13A of the Offshore Safety Directive Regulations (fees).

• (10) In regulation 7 (fees payable for applications for petroleum licences), in the table following paragraph (2), in the entry for the fee payable for an application for—

• (a) a seaward petroleum exploration licence, for “£2,460” substitute “£3,630”, and

• (b) a methane drainage licence, for “£200” substitute “£3,630”.

• (11) In regulation 8(1) (fees payable for applications for gas storage licences), for “£9,860” substitute “£10,890”.

• (12) In regulation 9(1) (fees payable for applications for carbon dioxide appraisal and storage licences), for “£19,710” substitute “£21,770”.

Signed

Michael Shanks — Minister of State — Department for Energy Security and Net Zero — 25th February 2026

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations make provision in respect of a levy and fees payable to the Oil and Gas Authority (“the OGA”).

Regulations 2 to 9 make provision for calculating and imposing a levy on the holders of petroleum licences in respect of the period beginning on 1st April 2026 and ending on 31st March 2027 (“the relevant charging period”). The levy is payable to meet costs incurred by the OGA in carrying out its functions as well as costs incurred by the Lord Chancellor in connection with the provision of Tribunals to consider appeals against the decisions of the OGA.

Regulation 3 sets out liability to pay the production levy for the relevant charging period. This is the highest rate of levy.

Regulation 4 sets out liability to pay the non-production levy for the relevant charging period. Paragraphs (2) and (3) provide that micro-enterprises holding promote or innovate licences at the relevant time (i.e. 12.01 a.m. on 1st April 2026) in certain circumstances qualify to pay the non-production levy at discounted rates in respect of those licences.

Regulation 5 provides the methodology for calculating the production levy and the non-production levy.

Regulations 6 to 8 provide for the process by which licensees are notified as to the amount of levy payable, for interest to be payable on late payments, and for the OGA to be able to take action to recover any unpaid levy as a civil debt.

Regulation 9 requires the amount of the levy to be paid by licensees under regulations 3 and 4 to be adjusted if the total amount of levy to be recovered under these Regulations exceeds the leviable costs incurred by the OGA and the Lord Chancellor in respect of the relevant charging period. The OGA will credit the licensees appropriately should that be the case.

Regulation 10 amends the Oil and Gas Authority (Fees) Regulations 2016 (S.I. 2016/904) to introduce new fees and amend existing fees, including changing the amounts of existing fees to reflect changes in the costs incurred by the OGA. Some of the amendments to existing fees are above inflation. All the fee changes are explained in the Explanatory Memorandum published alongside this instrument on www.legislation.gov.uk.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen. An impact assessment was produced for the original levy regulations, namely the Oil and Gas Authority (Levy) Regulations 2015 (S.I. 2015/1661), and is available from the Department for Energy Security and Net Zero at 55 Whitehall, London SW1A 2HP and on www.legislation.gov.uk.

Footnotes

[^f00001]: 2016 c. 20.

[^f00002]: Section 1(1) of the Energy Act 2016 provides that the company originally incorporated as the Oil and Gas Authority Limited is renamed as the Oil and Gas Authority.

[^f00003]: S.I. 2009/2814; relevant amending instruments are S.I. 2016/912, 2023/424.

[^f00004]: 1964 c. 29. Section 1(7) was amended by paragraph 1 of Schedule 3 to the Oil and Gas (Enterprise) Act 1982 (c. 23) and by section 103 of the Energy Act 2011 (c. 16).

[^f00005]: 1934 c. 36. This Act was repealed by section 51 of and Schedule 5 to the Petroleum Act 1998 (c. 17), subject to the savings set out in Schedule 3 to that Act.

[^f00006]: 1998 c. 17. Section 3 was amended by section 48(1) to (4) of the Scotland Act 2016 (c. 11) and by S.I. 2016/898.

[^f00007]: “Excluded licence” is defined by section 13(10) of the Energy Act 2016.

[^f00008]: 2006 c. 46.

[^f00009]: S.I. 2008/225, amended by paragraphs 64, 65 and 66 of Schedule 21 to the Energy Act 2023 (c. 52) and S.I. 2009/229, 3283, 2016/912, 2017/426, 855, 2023/424.

[^f00010]: The definition of “turnover” was amended by S.I. 2015/980.

[^f00011]: “OGA” is defined in section 1(4) of the Energy Act 2016 as the Oil and Gas Authority.

[^f00012]: 1998 c. 11.

[^f00013]: S.I. 2016/904, as amended by S.I. 2017/426, 2018/56, 980, 2020/208, 2021/206, 2022/204, 2023/228, 2024/241, 2025/239.

[^f00014]: S.I. 2010/2221, to which there are amendments not relevant to these Regulations.

[^f00015]: In relation to a gas storage licence, the term “gas” is defined in section 2(4) of the Energy Act 2008 (c. 32).

[^f00016]: 2011 c. 16.

[^f00017]: S.I. 2015/385; relevant amending instruments are S.I. 2017/404 and 2025/782. The term “the Offshore Safety Directive Regulations” is defined in regulation 2 of the Oil and Gas Authority (Fees) Regulations 2016.

[^f00018]: 1974 c. 37. Section 13 was substituted by S.I. 2008/960 and subsection (6) was amended by S.I. 2026/20.