11/08/2026 by Joel Thompson
After more than 60 years of operating in the North Sea, BP has announced its intention to sell its portfolio of North Sea assets.
UK North Sea oil and gas production has declined dramatically since the start of the millennium. With it being seen as a relatively expensive resource to exploit, many other oil majors have adjusted their interests there and pursued more profitable alternatives. BP’s operations there now account for just 5% of its global upstream production. At the same time, BP has been making a point of divesting non-core assets in order to focus on areas where it can best compete.
Meg O’Neill, BP’s chief executive officer, said:
“The UK has been our home for more than 100 years and will continue to play an important role in our future. We’re proud of the jobs we create, the contribution we make to the UK economy and the work we do to keep energy flowing every day.”
She added that while the North Sea will still be an integral part of the UK energy system, BP’s operations there would benefit more within a different company. She pointed to the assets and skilled workforce attracting a new company to move the business forward.
The sale will not include the Castrol lubricant and coolant brand, which is subject to a separate partial sale. BP will also remain headquartered in the UK with its substantial trading desk and retain its EV (electric vehicle) charging and retail networks and its aviation services and fuel business.
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