BP is paying more tax as it is making more profit, its U.K. head Louise Kingham told the Reuters Energy Transition Europe 2022 event on Nov. 16.
"It's right that [the government] should think about how they protect the most vulnerable and taxation is not for companies to determine," Kingham said.
"I think when companies make more profits, they expect to pay more taxes, and that's exactly what we are doing," she added.
British finance minister Jeremy Hunt is considering increasing a windfall tax on oil and gas firms and extending it to power generation firms as he tries to find ways to repair the country's public finances, sources said on Nov. 12.
Hunt is due to announce his new budget plan on Nov. 17.
"Taxes that we will pay here in the U.K. will be about two and a half billion dollars, all told, with the (\[existing] additional levy," Kingham added, referring to the 25% windfall tax, or Energy Profits Levy, approved by British lawmakers for oil and gas producers in the British North Sea in July.
"It's widely been mooted by others that there is an expectation that the [tax] levels will increase... We'll see what comes tomorrow."
2022-11-22 - Drone technology is transforming the way the oil and gas industry operates, allowing for faster and more frequent inspections. Here’s what makes the future bright for drone tech.
2022-09-15 - The value of the subsea contract by TotalEnergies was not disclosed, but TechnipFMC noted that the company considers a “significant” contract to be worth between $75 million and $250 million.
2022-11-28 - London-based BP agreed to market Guyana’s share produced from the Liza Destiny and Liza Unity platforms at no charge per barrel, according to a ministry statement on Nov. 24. It replaces a Saudi Aramco trading unit, which previously held the contract.
2022-10-06 - Chevron remains committed to Venezuela, the company’s head of international E&P told Hart Energy. This, as a report from the Wall Street Journal points to an easing of U.S. sanctions.
2022-09-19 - The new partnership with the Saudi Data and Artificial Intelligence Authority will use Halliburton’s DS365.ai platform to create data science and AI applications and solutions, the Houston-based oilfield services firm said.