BP puts North Sea business up for sale

📰 source: bbc_business · 💼 business

bp has put its north sea business up for sale, a move that would end 60 years of oil production in the region for the company. the decision follows a review as bp looks to slim down its group. the north sea unit has five production hubs — two in the central north sea and three west of shetland — and employs about 1,100 people. it produced 117,000 barrels of oil equivalent per day in 2025, a small slice of bp's total 2.3 million barrel daily output.

chief executive meg o'neill said bp remains committed to running the business safely through the sale process. the company may fetch around £2bn for the assets; the ft reported that talks with ithaca energy on a possible deal fell through. bp employs nearly 14,000 people in the uk. o'neill, who took over in april, had earlier said there was "untapped potential" in the north sea, but now believes the business is better placed under another owner.

why it matters: bp's exit from the north sea after 60 years signals a strategic shift to higher-value assets, with a potential £2bn sale.

source: bbc_business
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