BP boss Meg O'Neill has said the UK's tax system was the driving force behind the oil giant's decision to leave the North Sea.
Speaking at the Adipec conference in Abu Dhabi, O'Neill highlighted eight different tax regimes over the last two decades which have hit profits and pushed the company towards more lucrative opportunities overseas.
Although BP is a UK-headquartered company, O'Neill cited an "obligation" to shareholders to maximise the return on their investment.
She said: “We have an obligation to our shareholders, many of whom are British mums and dads, who are counting on returns from their investments.
"We have an obligation to our shareholders to make sure their dollars are spent effectively.”
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