BP Seeks UK Energy Prioritization Amidst Record Profits

BP's chief executive, Meg O'Neill, has urged Prime Minister Andy Burnham to prioritize using UK oil and gas resources. This comes as BP prepares to exit the North Sea after six decades, citing uncompetitive investments in the region.

The company is set to sell its North Sea business, which has been operating for 60 years, due to declining profitability. O'Neill stated that 'North Sea investments were not competitive within our portfolio.'

BP's decision follows a period of soaring profits, with the company reporting its highest quarterly earnings since Russia's invasion of Ukraine in 2022. The firm's net profit more than doubled to $5.73bn (£4.27bn) in the three months to June.

O'Neill emphasized that 'the UK gets 75% of its energy from fossil fuels today, so that's oil and natural gas.' She urged Burnham to prioritize domestic resources over imports, arguing that using UK-produced energy would generate jobs, tax revenue, and other benefits.