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BP CEO says longer term investment depends on fiscal stability

Reuters
Updated ·1-min read
FILE PHOTO: The BP logo is seen at a BP gas station in Manhattan, New York City

LONDON (Reuters) -A windfall tax on energy companies would not change BP's 18 billion pound ($22 billion) investment plans in Britain to 2030, although fiscal instability would be disruptive in the longer term, Chief Executive Bernard Looney said on Thursday.

Britain's Conservative government has rejected calls by the opposition Labour Party to levy a windfall tax on energy companies that have benefited from high oil and gas prices, saying such a tax would deter investment.

"Our 18 billion pound plans are not somehow contingent on whether or not there is a windfall tax," Looney said at an annual shareholder meeting.

"By definition, windfall taxes are unpredictable - and so would challenge investment in home-grown energy... We would love to invest even more - and one of the key foundations of any such decisions will be a stable fiscal environment."

($1 = 0.8201 pounds)

(Reporting by Shadia Nasralla and Ron BoussoEditing by Mark Potter and Barbara Lewis)