BP exits North Sea after 60 years in £2bn sale
BP is offloading its North Sea operations to redirect capital toward higher-value projects, marking a decisive end to six decades of production in the region.
BP has placed its North Sea business up for sale, seeking roughly £2bn in a move that would end the oil major’s 60-year production history in the region.
The divestment underscores a broader strategic shift under chief executive Meg O'Neill, who took the helm in April, to streamline the group. For investors, the move signals a strict adherence to capital discipline, prioritizing returns over legacy holdings. The North Sea assets produced 117,000 barrels of oil equivalent per day in 2025, a marginal slice of BP's total 2.3 million barrels of daily output.
Offloading these mature assets could generate roughly £2bn for the company's balance sheet. The unit encompasses five production hubs located in the central North Sea and west of Shetland, employing roughly 1,100 people. A transaction at this valuation would follow failed talks with Ithaca Energy last month, which had targeted a similar price.
"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," O'Neill said. "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 recognizes that value."
The strategic withdrawal pits the oil major against current political headwinds. Prime Minister Andy Burn
