Oil giant BP has pledged to spend double what it earns in the UK in the coming years – but huge profits in its 2021 results and pressure on consumers have strengthened calls for a North Sea windfall tax
In an update to its strategy, BP has outlined that it expects oil and gas to account for more than $30 billion (£22bn) of its revenues annually to 2030, despite declines in production.
It follows rival Shell, which posted pre-tax earnings of nearly $30 billion last week, and comes after Ofgem announced last that the energy price cap – a limit on the default tariff that can be charged on household energy bills – would rise by nearly £700.
Greenpeace said the profits are “a slap in the face to the millions of people dreading their next energy bill”.
