Shell to review £25 billion in UK investment plans in wake of windfall tax

Shell will review plans to invest £20 billion to £25 billion ($25 billion to $30 billion) in the UK over the next decade after the government there hiked a windfall tax on North Sea oil and gas producers, a senior official with the London-based supermajor said.

UK Chancellor of the Exchequer Jeremy Hunt last week announced plans to increase a windfall tax, known as the Energy Profits Levy (EPL), on North Sea producers to 35% from the 25% originally announced in May.