BP’s annual profits today rocketed to $12.8 billion (£9.5 billion), fuelling calls for a North Sea windfall tax.
The energy giant sought to offset the furore by vowing to spend more than double the profit it generates in the UK on projects including the creation of new electron and hydrogen value chains.
Chief executive Bernard Looney said: “Britain has been our home for more than 110 years and we are excited to help as it transitions to a thriving net zero economy."
Profits for the final quarter of the year topped $4 billion (£3 billion), with BP warning that it sees the potential for further volatility in oil and gas prices this year.
