North Sea oil and gas firms face govt pressure to invest profits into home-grown energy to ‘bring down bills’

North Sea oil and gas firms face govt pressure to invest profits into home-grown energy to ‘bring down bills’

North Sea oil and gas companies have come under pressure from the government to invest their profits into accelerating domestic energy production as millions of Britons continue to face soaring energy prices.

Business Secretary Kwasi Kwarteng has written a letter to firms calling for them to provide a clear plan to spend their profits on improving production in the UK.

He has also ordered the industry to set out proposals for clean energy investments in a meeting that is due to be held in the coming weeks.