LONDON, March 6 (Reuters) - British finance minister

Jeremy Hunt said on Wednesday he would extend by one year a

windfall levy on oil and gas firms' profits.

The Energy Profit Levy (EPL) was introduced in May 2022

after a jump in energy prices resulting from Russia's full-scale

invasion of Ukraine.

Presenting Britain's budget in parliament, Hunt said the

one-year extension - forecast to raise 1.5 billion pounds ($1.91

billion) - was due to expectations that energy prices will

remain higher for longer.

Hunt increased the tax in November 2022 from its initial 25%

rate to 35%, bringing the overall tax burden on North Sea oil

and gas producers to 75%, among the highest in the world.

The tax rate itself, as well as a 29% investment allowance

in the windfall tax that allows companies to offset spending,

will remain unchanged, he said.

Reuters reported on the planned extension on Monday.

($1 = 0.7861 pounds)