Scottish independence: Oil giant BP backs the Union

Guy Bentley
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BP believes the UK is better together (Source: Getty)

BP has become the latest FTSE 100 company to nail its colours to the mast and argue for a No vote in Scotland's independence referendum on September 18.

BP's declaration comes shortly after Sir Ian Wood, the former chief executive of Wood Group, warned voters they were being misled by wildly inaccurate forecasts about Scotland's oil reserves.

Sir Ian claimed Scots "owe it to themselves, their children and their grandchildren” to become informed about the possible consequences of Scottish secession.

Bob Dudley, BP Group chief executive said today:

The opportunities today are smaller and more challenging to develop than in the past. We also face the challenges of extending the productive life of existing assets and managing the future costs of decommissioning. Much of this activity requires fiscal support to be economic, and future long-term investments require fiscal stability and certainty.

Our business invests for decades into the future. It is important our plans are based on a realistic view of the North Sea’s future potential and the challenges the industry faces in continuing to operate here.

As a major investor in Scotland – now and into the future – BP believes that the future prospects for the North Sea are best served by maintaining the existing capacity and integrity of the United Kingdom.

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