BP’s chief executive met with newly elected Prime Minister Burnham to advocate for continued development of the UK’s oil and gas resources. The executive argued that domestic energy production creates jobs, generates tax revenue, and provides broader economic benefits to communities. She emphasized that the UK currently relies on fossil fuels for roughly three-quarters of its energy needs and should prioritize consuming domestically-produced oil and natural gas rather than importing from external sources.
The appeal comes as BP announced plans to divest from its North Sea operations after six decades of involvement in the region. The company characterized its North Sea investments as uncompetitive within its broader portfolio, though leadership indicated the assets would likely remain profitable under different ownership. BP has already received multiple unsolicited offers for the fields and executives expressed confidence in finding a buyer.
The UK government faces decisions on whether to approve two contested North Sea projects—the Jackdaw and Rosebank fields—amid mounting pressure over both energy policy and climate concerns. Industry representatives have been pushing for reforms to the North Sea tax regime, contending that high government levies accelerate the basin’s decline. The new administration is being urged to balance pragmatic business relationships with environmental considerations.
BP reported its highest quarterly profits since the opening of Russia’s conflict with Ukraine, with earnings reaching $5.73 billion in the three months ending in June. The spike reflects elevated global oil and gas prices driven by Middle East instability affecting Gulf exports. Other major energy companies including Shell, Aramco, Chevron, and ExxonMobil also posted substantially higher profits during the same period, fueling criticism from climate advocates and consumer advocates who point to rising household energy bills and accelerating climate impacts.
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