May 12, 2022
BP vows to reinvest all North Sea profits back into UK
BP has committed to reinvest all its profits from its North Sea oil and gas production over the next decade back into the UK, as it sought to head off political pressure for a windfall tax to help offset energy costs for consumers. The £18bn BP expects to invest in the UK by the end of 2030 represents 15-20 per cent of total capital expenditure, up from the 10-15 per cent of spending that BP has historically deployed in the UK, Looney said. Looney added that these spending plans were not contingent on whether the UK government introduced a windfall tax, but said that such a policy could negatively impact the UK's pursuit of greater energy security. Opposition parties have stepped up their calls for the Conservative government to impose a windfall tax on leading energy companies, such as BP and Shell which have generated record quarterly profits. Chancellor Rishi Sunak said in April for the first time he would consider a one-off tax on the industry if it failed to increase investment in new energy projects.
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