BP launched a formal process to sell its entire North Sea oil and gas business. This move ends more than 60 years of company operations in the region.
CEO Meg O'Neill initiated the sale as part of a broader portfolio review. The strategy aims to simplify the company and reduce corporate debt. BP intends to reallocate capital toward higher-value opportunities. The company stated the business would be better positioned under a new owner.
The sale includes five major production hubs, including the Clair oilfield. The Clair field represents the largest oilfield on the UK continental shelf. This business unit accounts for approximately 5% of BP's global oil and gas output.
The North Sea operations currently employ about 1,100 people. This decision follows unsuccessful £2 billion deal talks with Ithaca Energy.