BP Puts UK North Sea Oil and Gas Assets up for Sale
The business includes five production hubs and 1,100 staff, as BP says it is focusing capital on higher-value opportunities.
- On Friday, BP announced it is putting its UK North Sea business up for sale after 60 years of production, with Chief Executive Meg O'Neill stating the unit would be 'better positioned as part of another company.'
- Operating with 1,100 staff, the business produced 117,000 barrels of oil equivalent per day in 2025, a move fitting O'Neill's strategy to reduce debt and focus on higher-value opportunities.
- Major peers including Shell, Chevron, and ExxonMobil have similarly reduced operations in the region, where output has plummeted to around 1 million barrels daily from 4.5 million at the millennium.
- Russell Borthwick, Chief Executive of the Aberdeen & Grampian Chamber of Commerce, warned the move reflects 'years of policy uncertainty, punitive taxation and mixed messages' affecting confidence in the UK Continental Shelf.
- Prime Minister Andy Burnham recently confirmed he told Donald Trump he would 'take a pragmatic approach' regarding North Sea resources, though Labour's 2024 manifesto pledged to stop issuing new licenses.
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British oil giant BP aims to sell North Sea business
"The North Sea remains integral to the UK's energy system," BP chief executive Meg O'Neill said in a statement. "However, as we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company," she added. BP's North Sea portfolio comprises five production hubs and employs about 1,100 people, the company noted Friday as it maintained its commitment …
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