-- BP (BP) is reviewing its presence in the UK North Sea and considering a sale of part or all of its operations in the basin, as the energy giant seeks to streamline its portfolio and slash debt, Bloomberg reported on Friday, citing industry sources.
The company is conducting an internal review of its UK upstream operations, with a full divestment of its remaining oil and gas assets in the region projected to fetch about 2 billion British pounds ($2.7 billion).
The review is ongoing, and no final decision has been made on whether to proceed with a divestment, the report said.
The London-listed energy firm remains one of the few oil majors still operating in the aging basin. Its evaluation comes as rivals continue to exit or scale back their presence in the region.
Chevron (CVX) and ConocoPhillips (COP) recently sold off their North Sea assets, while Shell (SHEL), Exxon Mobil (XOM), and TotalEnergies (TTE) have moved to restructure or divest portions of their holdings, often through joint venture agreements.
BP did not respond to' request for comments.
BP has reduced its footprint in the UK North Sea over the past decade, including by selling its stake in the Shearwater field to Shell and divesting the Forties pipeline system to Ineos Group Holdings.
The oil firm retains a 45% interest in the Clair field, the largest oilfield on the UK Continental Shelf.
Plans to dispose of additional assets could rank among the first strategic moves under CEO Meg O'Neill, who took the helm in April as the company's first external appointee.
O'Neill and Chairman Albert Manifold vowed to address years of underperformance, which have drawn pressure from activist investor Elliott Investment Management and led to the departure of former CEO Murray Auchincloss.
(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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