There is still “lots of oil and gas” in the North Sea but poor Government management has scared off investors, industrialist Sir Jim Ratcliffe said. The billionaire boss of chemical giant INEOS and co-owner of Manchester United said the North Sea was a “very good basin” that had been “extremely poorly managed by the Government”. Sir Jim said that a merry-go-round of leaders had added to a sense of uncertainty over UK energy policy. He went on: “I think confidence in the government maintaining a new approach in the North Sea would be low, from everybody. Climate campaigners have said that the North Sea is a mature basin with dwindling resources.