BP has committed to reinvest all its profits from its North Sea oil and gas production over the next decade back into the UK, as it sought to head off political pressure for a windfall tax to help offset energy costs for consumers.
“This decade with our current plans we expect to reinvest every pound that we make and hopefully more,” chief executive Bernard Looney told shareholders at the annual meeting in London on Thursday.
The £18bn BP expects to invest in the UK by the end of 2030 represents 15-20 per cent of total capital expenditure, up from the 10-15 per cent of spending that BP has historically deployed in the UK, Looney said.
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