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BP Launches Sale Process for UK North Sea Business Amid Portfolio Overhaul

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BP (BP) said Friday that it has launched the process to market its business in the UK's North Sea for a potential sale, as part of its ongoing portfolio review and disciplined approach to capital allocation.

The company's CEO, Meg O'Neill, noted that the company will remain committed to the UK, saying, "the UK has been our home for more than 100 years and will continue to play an important role in our future."

She said that the North Sea remains "integral to the UK's energy system" while adding that as BP focuses capital on higher-return opportunities, the business would be "better positioned as part of another company."

BP also reaffirmed its commitment to safety and reliability throughout the sales process, adding that it would continue to deliver for "customers, partners and stakeholders."

The company's North Sea portfolio comprises five production hubs, two located in Central North Sea, and three to the west of Shetland. The business currently employs 1,100 people, out of nearly 14,000 employees who work for the company across the UK.

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