BP puts North Sea business up for sale

BP has announced it is placing its North Sea operations on the market after a review aimed at streamlining the group. The division comprises five production hubs—two in the central North Sea and three west of Shetland—and employs roughly 1,100 staff. Earlier this week, Prime Minister Andy Burnham told US President Donald Trump that he would adopt a "pragmatic approach" to the issue of North Sea oil and gas. Trump, various trade unions, industry figures and some Labour MPs have voiced support for increased drilling in the region. BP’s chief executive, Meg O’Neill, said, "The UK has been our location for more than 100 years and will continue to play an important role in our future." She added, "We're proud of the jobs we create, the contribution we make to the UK economy, and the work we do to support energy flowing each day." The company stressed it will continue to operate the assets safely and reliably throughout the sale process. In 2025 the North Sea business averaged 117,000 barrels of oil equivalent per day, a small fraction of BP’s total daily output of 2.3 million barrels. O’Neill, who became chief executive in April, had earlier described the North Sea as holding "untapped potential." When announcing the decision on Friday she stated, "As we absorption our portfolio and nonstop superior to our highest-value opportunities, we judge our North Sea concern will be better positioned as part of different company." She continued, "It has world-class people, resilient assets and a proud heritage, and it is precisely these qualities that can attract an owner able to support its next chapter. We are seeking an outcome that recognizes that value." Analysts estimate the sale could generate around £2 billion for BP. Last month the FT reported that BP had been in talks with Ithaca Energy to divest the North Sea assets for a similar sum, although those negotiations collapsed. BP currently employs approximately 13,960 people across the United Kingdom.