BP has launched a process to sell its North Sea oil and gas business following a review of its global portfolio. The proposed divestment could bring more than six decades of BP-operated production in the region to an end.
The decision comes as ministers and regulators manage the transition towards net zero while seeking to protect domestic energy security, workers and regional economies. BP said it would continue to have a substantial presence in the UK even if a sale is completed.
BP has operated in the North Sea since the 1960s. Its business in the region includes producing assets, infrastructure interests and a workforce whose future will be closely watched during any transaction.
Any sale would remain subject to negotiations and applicable regulatory approvals. Questions over workforce protections, environmental obligations and decommissioning liabilities are likely to feature prominently as the process develops.
The announcement also intensifies the political debate over the future of North Sea production, investment and taxation. Read more about Britain’s energy security debate.
