LONDON (dpa-AFX) - BP Plc (BP) the British oil company, is putting its UK North Sea oil and gas business up for sale as Chief Executive Meg O'Neill accelerates a broader strategy to streamline the company's portfolio and focus investment on higher-return assets.
The move would mark the end of BP's more than 60-year presence as an operator in the North Sea. The business includes five production hubs and produced about 117,000 barrels of oil equivalent per day last year, accounting for around 5 percent of the company's total output.
BP said it will continue operating the assets during the sale process while retaining its UK aviation fuel business, retail network, trading operations and London headquarters.
Analysts estimate the portfolio could be worth between $2 billion and $2.6 billion, although decommissioning liabilities may complicate negotiations. Potential buyers are expected to include established North Sea operators such as Ithaca Energy, NEO NEXT+, and Adura, the Shell-Equinor joint venture.
The sale comes as major energy companies continue to scale back operations in the ageing North Sea basin, where production has steadily declined and operating costs remain significantly above the global average.
BP's decision also follows its renewed focus on oil and gas, debt reduction and operational restructuring under O'Neill, who took over as CEO in April.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
