BP has announced that has put its North Sea oil and gas business up for sale, following a review of its portfolio.
The company has operated in the North Sea for 60 years, with its portfolio comprising five production hubs – two in the central North Sea alongside three west of Shetland. The North Sea business employs approximately 1,100 people.
The decision forms part of bp’s ongoing portfolio review and reflects its disciplined approach to capital allocation – which it said is all in service of creating a ‘simpler, stronger, and more valuable’ company.
BP chief executive officer, Meg O’Neill, 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.
“The North Sea remains integral to the UK’s energy system. However, as we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company. It has world-class people, resilient assets and a proud heritage, and it is precisely these qualities that can attract an owner ready to back its next chapter. We are seeking an outcome that recognises that value.”
