BP to review North Sea investments following windfall tax announcement

Part of the BP Eastern Trough Area Project oil platform in the North Sea. Photograph: Reuters

BP has said it will review its investments in the North Sea after the government unveiled a windfall tax on oil and gas operators.

The chancellor, Rishi Sunak, laid out plans on Thursday for a 25% tax increase to taxes on North Sea energy companies, in a move that is expected to raise £5bn.