This is despite the Chancellor’s announcement of a £2 billion levy on North Sea oil and gas, to ease petrol prices, threatening the £12 billion investment and the expected creation of 15,000 jobs. Bob Dudley, BP’s chief executive, has said that the investment is due to the “extensive knowledge” BP has of the North Sea due to over “forty years experience.”
The Treasury has claimed that BP’s decision shows that the North Sea is an “attractive area for new levels of investment.” Despite a drop in offshore drilling of 52% in the second quarter, for a variety of reasons including the government’s budget, the investment is set to go ahead, keeping the offshore platforms running until 2035 at least.
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