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Market Chatter: BP Explores Sale of UK North Sea Assets After Failed Talks with Ithaca Energy

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BP (BP.L) is exploring potential agreements concerning the sale of its UK North Sea assets after failed negotiations with Ithaca Energy (ITH.L), London's Financial Times reported Tuesday, citing people familiar with the process.

The oil and gas company reportedly discussed a deal with the British oil and gas company worth close to 2 billion pounds sterling, but talks failed in recent weeks.

The potential assets sale with other prospects is happening amid BP's restructuring under Chief Executive Officer Meg O'Neill to shift its focus on oil and gas production, the report added.

BP did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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