8 Feb 2022

Huge profits but oil giant admits to paying zero tax in North Sea

Economics Correspondent

BP has announced it made bumper profits of £9.5billion in 2021.

It caps off a year in which a number of oil giants made billions of pounds off the back of large rises in oil and gas prices.

But exclusive research for this programme, given by the campaign group Uplift, has revealed that BP’s north sea oil operations have paid zero tax for five years.

In fact, they’ve actually received money from the taxpayer.

In 2019, they had a negative tax rate of minus 54%.