BP to Sell North Sea Oil and Gas Business After More Than 60 Years
The planned sale marks a major strategic shift for one of Britain's biggest energy companies while leaving the future ownership of its North Sea assets to be decided.
By BBC News
BP has announced plans to sell its North Sea oil and gas business, ending more than six decades as an upstream producer in one of the UK's most important energy regions.
The sale forms part of the company's strategy to simplify its operations and focus investment on higher-return areas of the business. The North Sea portfolio includes five production hubs—two in the central North Sea and three west of Shetland—and employs around 1,100 people.
In 2025, the business produced around 117,000 barrels of oil equivalent per day, compared with BP's global production of approximately 2.3 million barrels of oil equivalent per day.
Chief executive Meg O'Neill said the company remained committed to the UK despite the planned sale.
She 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."
O'Neill said the North Sea business still has significant potential but would be better placed under new ownership as BP reshapes its global portfolio. The company added it would continue to operate the assets safely and reliably throughout the sale process.
Industry analysts have estimated the business could be worth around £2 billion, although BP has not disclosed an expected sale price. Earlier reports linked the company with discussions involving Ithaca Energy, but no agreement was reached.
BP said it will retain a substantial presence in the UK through its global headquarters, retail fuel network, aviation fuel business and energy trading operations. The company employs almost 14,000 people across the UK.
The proposed sale comes as the Government continues to review the long-term future of North Sea oil and gas, while maintaining that existing domestic production remains an important part of the UK's energy system.