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The Energy Secretary’s comments on X, which he later deleted, followed what BP called “exceptional” earnings of £2.4bn between January and March, linked to oil trading on the back of the Iran conflict.

BP has already sold some assets such as its Shearwater field, Magnus platform and the Forties pipeline system, while Shell has already moved all its UK offshore assets into Adura, a 50-50 joint venture with Equinor.

Others, such as Chevron Corp and ConocoPhillips, have sold assets to smaller independents.

In a recent financial report, BP warned the windfall tax had “created significant uncertainty for the UK’s oil and gas industry”.

Its annual report, covering 2025, said Labour’s decision to increase the tax by 3pc to an effective overall rate of 78pc and to extend it from 2028 to 2030 had cost the company an extra £539m.

BP is one of Britain’s top corporate taxpayers. The oil and gas giant paid £1.2bn in taxes to the UK Treasury in 2024.

Ministers have been hunting for ways to bolster Britain’s oil and gas supplies after the Iran war choked off supplies of fuel from the Middle East.

Leading executives, including the bosses of British Gas and Octopus Energy, have urged Mr Miliband to rethink his North Sea policy as a result.

, it has raised concerns that the changes could damage the UK’s already heavily taxed oil and gas industry and push more jobs abroad.

Offshore Energies UK, a trade association, said last year that the North Sea industry is already losing around 1,000 jobs a month as companies made cuts to their workforce.

BP has been critical of the windfall taxes imposed on UK offshore operators by the Government.

Meg O’Neill, the energy giant’s chief executive, ordered a review last month of the company’s offshore operations.

BP is currently one of the largest operators in the North Sea. The FTSE 100 business holds interests in 20 to 25 producing fields in the UK, centred on several major hubs.

However, energy firms have been reviewing their positions in the North Sea after Labour’s tax raids. Bosses have also raised concerns about Ed Miliband’s approach to their oil and gas operations.

It comes after the Mr Miliband described BP’s profits as “morally and economically wrong” earlier this year.

BP is preparing to quit the North Sea after more than 60 years as Labour ramps up taxes on oil and gas.

The £80bn energy giant had been close to selling its UK offshore operations to rival Ithaca in recent weeks, according to the Financial Times. It is said to still be actively considering other deals.

An exit from the North Sea by BP would mark the biggest casualty of Labour’s oil and gas tax policy.

It comes as energy giants grapple with the North Sea windfall levy, which has pushed industry taxes on oil and gas profits to 78pc.

Rachel Reeves launched a fresh tax raid last month on the sector, including BP and Shell, to fund £1.8bn of cost of living support.

Ms Reeves scrapped a tax rule allowing oil and gas companies to offset profits made in Britain against losses made by foreign subsidiaries.

It is expected to raise hundreds of millions of pounds a year for the Treasury and pay for support for families and businesses.

The Chancellor’s move was cheered by Left-wing campaigners, with Greenpeace saying it was “exactly the kind of action we’ve been calling for”.

BP was up 1.7%, supported by higher oil prices, after the Financial Times reported that the firm held advanced talks about selling its UK North Sea assets to Ithaca Energy in a deal worth nearly GBP2 billion. The talks reportedly fell through in recent weeks, but BP is said to be exploring a potential transaction with other bidders. Ithaca Energy rose 1.9%.

(Alliance News) - BP PLC held advanced talks about selling its UK North Sea assets to Ithaca Energy PLC in a deal that would have been worth nearly GBP2 billion, the Financial Times reported on Tuesday.

The talks with oil and gas producer Ithaca failed in "recent weeks", but BP is still exploring a deal and may pursue a transaction with other competitors, according to "people familiar with the process", the newspaper said.

BP and Ithaca already jointly operate the Vorlich oilfield east of Aberdeen, Scotland.

London-based oil major BP is undergoing a leadership transition, after last week's sacking of Chair Albert Manifold, who joined BP in October.

His first major decision involved the equally sudden removal last year of Chief Executive Officer Murray Auchincloss, who was replaced with Meg O'Neill.

BP's board has appointed Ian Tyler as interim chairman and launched a search process for a permanent replacement.

CEO O'Neill previously said she saw "untapped potential" in the UK North Sea, and warned against new windfall taxes on the sector.

BP is currently restructuring itself and weighing a range of sales across its portfolio, the FT reported, including some of its petrol station networks and its renewable energy businesses.

BP and Ithaca declined to comment to the FT.

Shares in BP were up 1.7% at 545.60 pence on Wednesday morning in London. Ithaca Energy shares were 1.9% higher at 235.20p.

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BP held talks about selling £2bn of UK North Sea assets to Ithaca

Hi Jakers

It should be an independent recruiter

Otherwise it’s risking another situation

Hope it’s sorted quickly

My remaining shares I intend to hold for my £6.40

Bought more premium bonds .They are increasing prizes from next month

June 1 (Reuters) - ​BP ⁠has backed ​senior independent director Amanda Blanc ​to ‌lead a ⁠search for a ⁠new chair ​for the second time in a year, the ​Financial ‌Times reported on Monday.

BP's interim chair ​Ian Tyler told ‌the FT that, "at the request of the ‌board, Amanda Blanc will lead the search ​process for BP's next chair".

The ‌new search process would be “rigorous” and ⁠the appointment ⁠would reflect ‌the board’s collective view, ​FT ​said, quoting ‌a response from Taylor.

Https://www.livecharts.co.uk/MarketCharts/brent.php

Https://www.upstreamonline.com/production/bp-controlled-player-to-invest-680-million-to-revitalise-argentina-s-largest-oilfield/2-1-1997776?zephr_sso_ott=4l1rxX

Https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Up-3-As-Trump-Demands-Changes-To-Iran-Deal.html

Https://www.livecharts.co.uk/MarketCharts/brent.php

Holding 🫣

Meoryou good luck with your holiday

It was a difficult one

I needed it for Premium bonds

So hopefully I will be the next millionaire 😄

£5.41 yehaaaaaaaaa

Https://finimize.com/content/bp-loses-a-key-leader-as-it-reorganizes-its-business

I can wait for over £6 next

Just sold some at £5.30

Still holding 95%

BP p.l.c. reported several insider share transactions and a board role change in a Form 6-K for the period ended 31 May 2026. Senior executives, including the chief financial officer and multiple EVPs, acquired small amounts of ordinary shares on 11 May 2026 through participation in the BP ShareMatch UK Plan at £5.359 per share.

On 18 May 2026, deputy chief executive officer Carol Howle sold 350,000 ordinary shares on the London Stock Exchange at £5.594192 per share, for aggregate proceeds of about £1.96 million. On 27 May 2026, Howle and other executives received substantial awards of share units under BP’s Restricted Share Plan II, Group Share Value Plan and Individual Share Value Plan at nil consideration, with disclosed market values ranging from roughly £558,000 to £925,000 per award. BP also noted that non-executive director Dr. Johannes Teyssen has been appointed chair of the supervisory board of Deutsche Lufthansa AG effective 12 May 2026.