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BP profits more than double as Iran war sends oil prices soaring
['Jillian Ambrose']
The Guardian
BP’s chief executive has urged Andy Burnham to make use of the UK’s oil and gas resources even as the oil company prepares to sell its North Sea business after 60 years in the ageing basin.
BP’s endorsement of UK oil production came days after the 117-year-old company signalled a plan to exit the North Sea after six decades, as part of a wider plan to streamline its business.
The new ministers are also facing calls to reform the North Sea tax regime.
The industry has consistently argued that the UK government’s high taxes on oil and gas accelerate its natural decline.
She said: “The UK gets 75% of its energy from fossil fuels today, so that’s oil and natural gas.