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BP Boss Says UK Windfall Tax Would Challenge Energy Investment

May 12, 2022, 12:32 PM

A windfall tax could crimp investment in the UK’s energy system, said BP Plc’s chief executive officer.

“By definition, windfall taxes are unpredictable –- and so would challenge investment in home-grown energy,” Bernard Looney said at the company’s annual general meeting in London. “We know that from past experience for the whole of the North Sea sector and supply chain.”

Bernard Looney
Photographer: F. Carter Smith/Bloomberg

Calls for a windfall tax have intensified following record earnings from oil and gas majors. While Prime Minister Boris Johnson hasn’t entirely ruled out the move, the government has been vocal about its desire for the industry to ...