Oil firms told to churn out more energy

BOSSES from Shell and BP were yesterday given a stark warning to boost domestic energy supplies and invest in renewables as families face soaring bills.

A source close to Business Secretary Kwasi Kwarteng said he wanted a ‘quid pro quo’ ahead of a new round of licensing for North Sea oil drilling.

The Government is seeking further firm commitments on green investments in exchange for new exploration licences.

The source said: ‘Our position is we want more investment in green technologies including hydrogen, carbon capture and renewables.’

Chancellor Rishi Sunak was backed by No 10 after raising the prospect of a windfall tax on the firms – which are set to announce bumper profits – if they do not invest more to bolster Britain’s energy security.