{
  "id": 11187834,
  "title": "Ratcliffe’s INEOS calls on Labour to reopen North Sea drilling",
  "url": "https://urgent.news/2026/10/01/ratcliffes-ineos-calls-on-labour-to-reopen-north-sea-drilling",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-01T12:26:58.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/ratcliffes-ineos-calls-on-labour-to-reopen-north-sea-drilling/"
  },
  "original_language": "en",
  "account": "Chemical conglomerate INEOS, owned by billionaire Jim Ratcliffe, has called on the government to reopen North Sea drilling, criticizing its latest energy cost assistance scheme for businesses. Ratcliffe's company, established in 1998 by Ratcliffe, contends that Labour's British Industrial Competitiveness scheme (BICS) fails to address the energy needs of industries that rely more on gas than electricity. BICS, launched in June 2025 as part of the government's modern industrial strategy, permits manufacturing firms to apply for up to a 25% reduction in their electricity costs. Business Secretary Jonathan Reynolds emphasized that the scheme will help businesses save on energy to invest more in growth. However, INEOS contends that the government's understanding of companies' actual needs is fundamentally flawed, given the surge in gas and oil prices. The company's spokesperson highlighted that the escalating gas and oil prices, with UK natural gas prices eight times higher than those in the US, are detrimental to the manufacturing sector, jeopardizing skilled jobs and increasing the UK's reliance on carbon-intensive imports. INEOS urged the government to address this imbalance through fiscal relief by reducing carbon costs, opening the North Sea to bolster UK energy independence, and expediting the implementation of safeguards to shield industry from unfair imports. Ratcliffe also warned that the UK risks running out of gas this winter if storage levels remain low, criticizing the government's hesitation to approve the projects.",
  "summary": "The chemical group owned by billionaire Jim Ratcliffe has urged the government to reopen the North Sea for drilling as it lashes out at its latest energy cost scheme for businesses. INEOS, which was founded by Ratcliffe in 1998, said Labour’s British Industrial Competitiveness scheme (BICS) fails to address UK industries relying “far more heavily [...]",
  "key_points": [
    "INEOS, owned by Jim Ratcliffe, calls for reopening North Sea drilling.",
    "Labour's BICS scheme criticized for not addressing gas industry needs.",
    "INEOS urges government to reduce carbon costs and boost energy independence."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}