BP’s chief executive Meg O’Neill met with Prime Minister Andy Burnham to advocate for continued utilization of the United Kingdom’s oil and gas reserves. During the conversation, O’Neill emphasized that prioritizing domestically produced energy would generate employment, tax revenue, and other economic benefits for the nation.
The advocacy from BP comes as the company announced its intention to divest from its North Sea operations, where it has maintained a presence for 60 years. O’Neill characterized North Sea investments as “not competitive” relative to BP’s broader portfolio priorities. The company reported receiving multiple unsolicited inquiries from potential buyers interested in acquiring the North Sea assets and expressed confidence that these operations would remain profitable under alternative ownership.
Burnham’s administration faces imminent decisions regarding two contentious North Sea development projects—the Jackdaw and Rosebank fields—amid increasing public concern about petroleum industry profitability and climate change impacts. Additionally, government officials are considering reforms to the tax structure governing North Sea oil and gas extraction, an area where industry representatives have argued that existing levy rates accelerate the sector’s decline.
O’Neill noted that fossil fuels currently account for 75 percent of the United Kingdom’s energy consumption and argued that domestic production should take precedence over imports. She characterized Burnham as pragmatic and committed to working constructively with the business community. The prime minister has already faced warnings of a potential parliamentary revolt over his apparent openness to expanded oil and gas drilling.
BP’s push for continued UK hydrocarbon development coincides with record profitability across the global energy sector. BP’s quarterly earnings reached $5.73 billion, while Shell reported approximately $10 billion in net profit and Saudi Aramco achieved $32.69 billion, all driven partly by market disruptions stemming from Middle East instability. These substantial profits have drawn criticism from environmental organizations and public figures citing the contrast between industry earnings and household energy cost pressures.
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