Embattled oil giant BP has highlighted the potential of a vast Shetland field as Donald Trump’s behaviour underlines the value of the reserves off Scotland.

The American president’s readiness to turn on longstanding allies means the UK would be unwise to rely on US supplies to help meet demand for oil and gas, which is expected to remain strong for decades.

However, Governments on both sides of the border between Scotland and England appear ready to squander the potential of oil and gas as they pursue a fixation on renewables that could be a boon to right-wing populists.

As BP struggles to keep investors onside new chief executive Murray Auchincloss signalled the company’s North Sea assets will play a key role in the strategy he insists will help it prosper following a “fundamental reset”.

Mr Auchincloss’ predecessor Bernard Looney had announced ambitious plans to transform BP into a powerhouse of the low carbon energy business but backtracked after oil prices surged amid Russia’s war on Ukraine.

In a capital markets day presentation to City analysts Mr Auchincloss said BP would slash spending on renewables and focus investment on the oil and gas business in which he thinks it can generate much higher returns.

READ MORE: North Sea upheaval accelerates as bidders eye multiple targets

The company included the North Sea in a list of core basins in what it described as a “distinctive and advantaged” oil and gas portfolio.

Other firms have made clear they expect to be able to make plenty of money in the area amid a surge of deal interest. On Friday North Sea heavyweights EnQuest and Serica confirmed they were in merger talks after using acquisitions to power growth in the area.

Both bought mature assets off BP in deals which freed up funds for the vendor to invest in new developments.

BP’s Head of production, Gordon Birrell, noted the Murlach development 160 miles off the Aberdeenshire coast is one of a range of high quality projects the company expects to start up in coming months around the world.

In a slide highlighting the strength........

© Herald Scotland