UK Oil Windfall Tax Prompts BP to Review Investment Plans
- Company pledged £18 billion of UK capital expenditure by 2030
- Industry lobby says new levy will damage oil and gas industry
This article is for subscribers only.
BP Plc said it will look again at its plans in the UK, raising questions about whether a £5 billion windfall tax on oil and gas profits announced by the government included enough incentives to preserve investment.
The statement opens up the possibility of reversal by the London-based oil major, which has previously said that planned investments of £18 billion ($23 billion) in the country by 2030 weren’t contingent on whether or not the government raised taxes.