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The Guardian - UK
The Guardian - UK
Business
Alex Lawson Energy correspondent

BP admits windfall tax will not affect its North Sea investments after all

British Petroleum North Sea ​​Rishi Sunak Linda Cook Oil United Kingdom Harbour Energy
A section of the BP Eastern Trough area project oil platform in the North Sea, around 100 miles east of Aberdeen.
A section of the BP Eastern Trough area project oil platform in the North Sea, around 100 miles east of Aberdeen. Photograph: Reuters

BP has said that the windfall tax on oil and gas operators will not affect its investments in the North Sea, despite warning on the fallout from the new levy.

The former chancellor, Rishi Sunak, announced the energy profits levy in May, which he hoped would generate £5bn to help offset the impact of the cost of living crisis for households struggling to pay energy bills.

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