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Market Chatter: BP North Sea Business Receives Strong Interest

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Oil supermajor BP (BP) has received strong interest for its North Sea business, which it is marketing for a potential sale, Bloomberg reported Tuesday, citing company chief executive Meg O'Neill.

The company has decided to divest the assets after more than 50 years of operation considering the shifting oil and gas policies in the UK, and as part of its efforts to strengthen its balance sheet and exercise capital discipline, O'Neill told the news agency.

BP reportedly believes that the basin still has untapped oil and gas potential. It is the only remaining global oil major operating independently in the North Sea, following Shell's (SHEL) and TotalEnergies' (TTE) decisions to combine operations with other companies, Bloomberg said.

BP did not immediately respond to' request for comment.

(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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