BP’s plans to invest £18 billion ($22.5 billion) in the UK would not be affected by a windfall tax on oil and gas companies' record profits but could deter additional investment above that level, chief executive Bernard Looney said on Thursday.

BP recently announced plans to invest up to £18 billion in the UK’s energy system by the end of 2030.

In a subsequent interview with The Times newspaper, Looney said BP would continue with those investment plans even if the government bowed to calls for a one-off levy, which the newspaper argued undermined government claims that windfall taxes risked harming investment.