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."
2023-02-01 - Like other leading European energy companies, Shell is aiming for rapid expansion of its low-carbon and renewables business as part of efforts to reduce greenhouse gas emissions over the coming decades.
2023-01-09 - Perma-Pipe International Holdings will hold 60% of the joint venture, while Zamil Industrial Investment subsidiary Gulf Installation Group will hold the remaining 40%.
2022-11-30 - On Nov. 28, an approximated 3,500 gallons of lubricant oil from a Martin Energy Services secondary containment facility spilled near Calcasieu Point Landing, La.
2022-11-17 - Equitrans has estimated the size of the leak, which started on Nov. 6 at the facility in Cambria County’s Jackson Township, at about 100 MMcf/d, according to the Pennsylvania Department of Environmental Protection (DEP).
2022-11-18 - Equitrans said Rager Mountain can store 9 Bcf of gas. The leaking well, called the George L. Reade 1 storage well, was one of 10 operating storage wells at the facility.