BP boss urges Burnham to prioritise UK oil and gas even as firm exits North Sea
Guardian AU Business
β’Tue, 04 Aug 2026 17:55:09 GMT
π° What Happened
BP's chief executive Meg O'Neill urged UK Prime Minister Andy Burnham to prioritise domestic oil and gas production, even as the company prepares to sell its North Sea business after 60 years. O'Neill argued UK-produced energy generates jobs and tax revenue, but noted North Sea investments are 'not competitive' within BP's portfolio. This came as BP reported quarterly profits that more than doubled to $5.73 billion on rising oil and gas prices from the Middle East crisis.
π The Backstory
BP is a 117-year-old energy company that has signalled plans to exit the North Sea as part of a broader effort to streamline its business. The company has recently put its North Sea oil and gas business up for sale. The Middle East conflict has driven oil and gas prices higher, boosting profits for major producers while raising questions about energy policy and the domestic energy transition.
π― Why It Matters
The exchange highlights the tension between energy companies' commercial decisions and a government's interest in domestic energy security and jobs. BP's advice to prioritise UK oil and gas, even as it sells its North Sea operations, underscores the pressures facing the new prime minister on energy policy. The record profits amid the Middle East crisis also intensify debate over windfall profits and the energy transition.
BP's chief executive Meg O'Neill urged UK Prime Minister Andy Burnham to prioritise domestic oil and gas production, even as the company prepares to sell its North Sea business after 60 years. O'Neill argued UK-produced energy generates jobs and tax revenue, but noted North Sea investments are 'not competitive' within BP's portfolio. This came as BP reported quarterly profits that more than doubled to $5.73 billion on rising oil and gas prices from the Middle East crisis.
BP is a 117-year-old energy company that has signalled plans to exit the North Sea as part of a broader effort to streamline its business. The company has recently put its North Sea oil and gas business up for sale. The Middle East conflict has driven oil and gas prices higher, boosting profits for major producers while raising questions about energy policy and the domestic energy transition.
The exchange highlights the tension between energy companies' commercial decisions and a government's interest in domestic energy security and jobs. BP's advice to prioritise UK oil and gas, even as it sells its North Sea operations, underscores the pressures facing the new prime minister on energy policy. The record profits amid the Middle East crisis also intensify debate over windfall profits and the energy transition.