BP asks British government to prioritize North Sea oil and gas

On August 4, 2026, Meg O’Neill, BP’s chief executive officer, spoke with newly-elected Prime Minister Andy Burnham, urging the United Kingdom to prioritize oil and gas produced on its own territory, as the company prepares to sell its North Sea assets after six decades of operation.

BP announces exit from the North Sea

The 117-year-old energy company signaled that it will leave the North Sea after 60 years of presence, as part of a broader portfolio-simplification plan. O’Neill said that investments in the basin are not competitive within BP’s portfolio, while also receiving several unsolicited offers to acquire the fields. She expressed optimism that the assets will remain profitable in the hands of a future buyer.

Meg O’Neill champions domestic energy

During the conversation, O’Neill emphasized that 75 % of the United Kingdom’s energy comes from fossil fuels and that the first barrel of oil or the first molecule of natural gas should be extracted in the North Sea itself. According to her, “where we create jobs, we generate tax revenue, we generate all those positive impacts.” The executive also highlighted that the new prime minister showed a desire to work closely with the business sector and adopt a pragmatic stance.

Record profits driven by Middle East crisis

In the three months ending in June, BP’s quarterly profit more than doubled, reaching US $5.73 billion (£ 4.27 billion). The result reflected the rise in oil and gas prices caused by the Middle East crisis, which also lifted the company’s net profit to nearly US $10 billion – the highest since the onset of Russia’s war against Ukraine. These figures place BP among the world’s largest oil majors in terms of profit for that period.

Burnham government’s challenges with Jackdaw and Rosebank projects

Burnham’s government will have to decide whether to allow the continuation of two controversial projects in the North Sea – the Jackdaw and Rosebank fields – despite growing controversy over oil-major profits and evidence of an escalating global climate crisis. Ministers also face pressure to reform the region’s tax regime, which the industry argues accelerates the natural decline of the fields due to high rates.

Reactions to oil-major profit surge

The extraordinary profits of the largest oil and gas companies have drawn criticism. Consumers and businesses are coping with rising energy bills, while intense heatwaves affect millions across Europe, phenomena linked to the worsening climate crisis driven by fossil fuels. External comments, such as those from former U.S. President Donald Trump, suggest that companies like Chevron and ExxonMobil should return part of their earnings to the public. Representatives of the NGO Friends of the Earth also noted that while BP amasses profits, thousands of families are paying high energy bills and facing an increasingly extreme climate.

With information from The Guardian.