Oil and gas industry defends North Sea spending levels as Kwarteng urges more

Oil and gas industry defends North Sea spending levels as Kwarteng urges more

The oil and gas industry has defended the amount it invests in the North Sea, ahead of a storm over bumper profits as households face rocketing energy bills.

The energy companies BP and Shell are expected to report soaring profits next week as a result of sky-high energy prices, fuelling fresh calls for a windfall tax to help hard-pressed households struggling with record bills for heating and power.

Executives at energy firms including BP were summoned to speak to the business secretary, Kwasi Kwarteng, on Friday, to be told to invest more in UK projects, including the North Sea and offshore wind, in order to avoid being hit by a tax on their earnings.