Oil price boom doubles BP profits to $14.2 billion

Last year's global oil price boom doubled the profits of BP Amoco to $14.2 billion, the company chaired by Irishman Mr Peter Sutherland said today.

The huge windfall reported by the British oil giant today follows a world record corporate annual profit of $17 billion from Exxon Mobil for the same period, and $13.1 billion from European rival Royal Dutch/Shell.

But the profit figure comes as energy companies face pressures from all sides.

Environmental groups are stepping up campaigns for more alternative energy investment and less drilling in sensitive sites. Today's results will also renew calls for the British government to rein in the profits of the major oil companies.

Reuters