U.K. Imposes 25% Windfall Tax on Oil & Gas Companies

GALWAY, IRELAND--May 27, 2022--Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The U.K. government is imposing a 25% windfall tax on the profits of oil and gas companies. The aim of the tax is to raise £5 billion (US$6.3 billion) over the next 12 months to support citizens struggling with soaring energy costs. Within this article: Details new oil and gas tax, reasons, future revenues generated, impact on industry and future investment. Companies featured: BP plc(NYSE:BP),Halliburton (NYSE:HAL)