Embattled oil giant BP has underlined the value of its North Sea business ahead of hefty job losses at the group as it ramped up pressure on the Labour Government to cut taxes in the coming Budget.

As BP launched a review of its operations last week in a bid to boost its flagging share price a key member of the firm’s leadership team provided a notable vote of confidence in the North Sea operation.

“The North Sea: We have a proud history and we’re proud of the team producing for more than 60 years now, and it’s been a tremendous piece of business for us,” the head of BP’s oil and gas production unit Gordon Birrell enthused.

He added: “I would say the North Sea performance this year in terms of safety, production, costs has been tremendous. They really have stepped up … so kudos to the team up there.”

Mr Birrell was speaking in a presentation to analysts fronted by BP chief executive Murray Auchincloss, who is leading a campaign to help the company retain its independence amid investor dissatisfaction with its performance.

As BP’s share price has trailed behind rivals such as Shell and US giants ExxonMobil and Chevron, some sector watchers think the firm could be vulnerable to a takeover bid.

READ MORE: As Chevron closes Aberdeen office, what now for North Sea jobs?

Mr Auchincloss decided to refocus BP on the oil and gas business after succeeding Bernard Looney, who championed a drive to turn the company into a renewables powerhouse.

As the company posted $2 billion (£1.5bn) second quarter profits last week, Mr Auchincloss said he had agreed with chairman designate Albert Manifold that BP should conduct a thorough review of its portfolio of businesses to ensure it maximizes shareholder value.

The decision to........

© Herald Scotland