BP has initiated a formal process to market its North Sea oil and gas business for a potential sale. This decision could bring an end to six decades of the company's production in the region.
The oil major's new chief executive, Meg O’Neill, stated that the move is part of efforts to simplify the company and reduce its debt levels. O’Neill commented that while the North Sea remains integral to the UK's energy system, BP believes its North Sea business would be better positioned as part of another company, as BP focuses its portfolio on its highest-value opportunities.
BP's history in the North Sea dates back to 1964 when it received its first UK North Sea licence. Significant discoveries include the West Sole gas field in 1965 and the Forties field in 1970.
Energy Secretary Miatta Fahnbulleh confirmed she is in close contact with BP regarding its plans. She emphasised a pragmatic approach to the North Sea, acknowledging oil and gas will remain part of the UK's energy mix, and stated her priority is to protect workers and the local community during the sale process.