BP Launches Sale of North Sea Business to Focus on Profitable Projects
British oil and gas giant BP has announced the launch of a sale process for its North Sea business, aiming to concentrate on more profitable projects.
BP's asset portfolio in the North Sea includes five production hubs and approximately 1,100 employees.
CEO Meg O’Neil stated that the company takes pride in its contribution to the UK economy and its role in energy supply.
She added that the North Sea remains a vital part of the UK's energy system, but optimizing the portfolio necessitates selling this business to another company.
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The announcement came amid changes in the policy of new UK Prime Minister Andy Burnham, who may reconsider the approach to oil and gas extraction.
BP will continue to prioritize the safe operation of its North Sea assets during the sale process.
Why North Sea Production is Losing Appeal
BP's North Sea business provides jobs for 1,100 people and has been operating for over 60 years. In 2025, it produced around 117,000 barrels per day, accounting for 5% of BP's global production.
However, the aging hydrocarbon basin is losing appeal due to declining production and changes in the tax system.
Oil and gas companies have criticized the windfall tax and political uncertainty, which hinder investments.
BP is focusing on key areas in oil and gas, reducing investments in renewable energy.
The company has already completed several asset sale agreements, including the sale of its lubricants business, Castrol.
BP's move continues a trend among other global energy companies, such as ExxonMobil and Shell, which are also divesting their North Sea assets.
