By: ICN Bureau
Last updated : November 20, 2025 5:53 pm
Currently, the UK is four times more expensive than the USA.
Sir Jim Ratcliffe, Founder and Chairman, INEOS met with U.S. Ambassador Warren Stephens in London, joined by Brian Gilvary, Chairman of INEOS Energy, for strategic discussions on the future of the UK’s energy landscape.
Ambassador Stephens underlined the United States’ interest in having a strong and economically resilient ally in Britain, emphasising the critical role of energy policy in both national security and economic growth.
Both parties agreed that the UK must fully harness the substantial potential of the North Sea basin, which continues to hold billions of barrels of oil. They highlighted that unlocking these resources is essential to strengthening energy security, supporting industry, and driving economic recovery.
Ambassador Stephens noted, “There are so many opportunities in the energy sector that could enhance our economies, make energy more secure and affordable, and deepen our nations’ ties. Public and private sectors must work together to create the environment needed for growth.”
Sir Jim Ratcliffe stressed the urgent need for competitive energy to restore UK economic momentum. “Competitive energy is a key driver of growth. Currently, the UK is four times more expensive than the USA. The UK needs jobs and the economy has flat-lined. We must invest in the North Sea and not become reliant on expensive imports,” he said.
The discussion also touched on the rapid U.S. expansion of AI-driven industries, which is expected to fuel major growth in energy-intensive data centres. In contrast, the UK is currently poorly positioned to support similar development due to long-standing energy policy challenges.
INEOS continues to advocate for a pragmatic, investment-friendly approach to domestic energy production to ensure the UK remains competitive in an increasingly energy-dependent global economy.