BP launched a formal sale of its entire North Sea oil and gas business. This divestment signals a potential end to the company’s 60-year history in the region.
CEO Meg O'Neill initiated the move to simplify operations and reduce corporate debt. The sale includes five production hubs. This business employs approximately 1,100 people. These assets represented 5% of BP’s global oil and gas production in 2025.
O'Neill stated that the business requires a new owner willing to invest in its next chapter. The decision follows a trend of energy giants exiting the aging North Sea basin to focus on higher-value opportunities.