BP, Europe's second-largest oil company, said it will move forward with its planned projects in the North Sea even as the British government has pledged to raise taxes on oil producers. The company did add it will evaluate future projects in the region as a result of the tax plan.
BP rival Royal Dutch Shell (RDS-A), Europe's largest oil company, said it is taking the time to reassess its U.K. projects. Shell Vice President David Loughman said the company was reassessing its plans following a 12 percent rise in the supplementary tax change imposed by the British government in March, according to Reuters.
BP (BP) is one of the top producers in the North Sea. Earlier this year, the company said it plans to spend $16 billion on projects in the region over the next five years, but in April BP took a $683 million write-down due to the tax increase, Reuters reported.
Statoil (STO), Norway's largest oil company, said it will suspend $10 billion in projects as a result of the tax hike.