UK Oil Windfall Tax Prompts BP to Review Investment Plans (3)

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.

“Today’s announcement is not for a one-off tax -– it is a multiyear proposal,” BP said in an emailed statement. “We will ...