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

Executive tells MPs new clarity on levy's December 2025 end date means no longer a need to review investments

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.

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.