BP puts its North Sea business up for sale after 60 years of production

BP has said it is putting its UK North Sea business up for sale after 60 years of production.The energy giant said the decision to market the business for a potential sale forms part of its strategy to slim down the group by selling off parts of the business.The announcement comes after Prime Minister Andy Burnham left the door open for future North Sea drilling as he confirmed he told Donald Trump “we can’t ignore” the resources there.He said he told the US president that he would “take a pragmatic approach when it comes to the North Sea”, adding: “There is a resource there. When people are struggling, we can’t ignore that.”Labour’s 2024 manifesto said the party would not issue new North Sea licences.BP has been producing oil in the North Sea for 60 years (Andy Buchanan/PA)PA ArchiveBP’s North Sea business has five production hubs – two in the central North Sea, and three west of Shetland – and produced 117,000 barrels of oil equivalent per day in 2025.Some 1,100 staff work for the North Sea business, part of BP’s approximately 13,960-strong UK workforce.BP’s chief executive Meg O’Neill said she believed the North Sea business would be “better positioned as part of another company”.“The North Sea remains integral to the UK’s energy system,” she said.“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.”