BP Says North Sea Spending Won’t Be Affected by Windfall Tax

The UK’s windfall tax on the profits of oil and gas companies won’t affect BP Plc’s investment plans, the executive overseeing British operations said Wednesday.

The government introduced the levy to raise money for measures to help consumers cope with surging energy prices. To help offset that 25% tax, companies can make fresh investments in extraction.

“We don’t think at BP that the profits levy will impact investment plans we have in the North Sea,” Louise Kingham, the company’s country head, said Wednesday at a meeting of Parliament’s Environmental Audit Committee. “We recognize government has to act.” ...