BP formally launches sale of its North Sea oil and gas business

Published Jul 31, 08:40 AM UTC

BP has formally launched a process to sell its North Sea oil and gas business, aiming to simplify its portfolio and focus on higher-return projects outside the UK. The decision follows months of speculation and is part of CEO Meg O'Neill's strategy to create a 'simpler, stronger, more valuable company.' BP remains the last major oil company to neither sell nor combine its UK North Sea assets, after Shell and Equinor formed Adura and TotalEnergies merged into NEO NEXT+. The sale is expected to attract buyers interested in the resilient assets and experienced workforce. BP emphasized disciplined capital allocation and strengthening its balance sheet.