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BP Puts 60-Year North Sea Oil Business Up for Sale

webfact
· 40 views

BP has said it is putting its North Sea business up for sale, a move it says would bring an end to 60 years of oil and gas production in the region.

The decision follows a review of the group’s operations as BP looks to slim down its wider portfolio. The North Sea business includes five production hubs—two in the central North Sea and three west of Shetland—and employs about 1,100 people.

Sale Linked To BP’s Portfolio Review

BP said the sale is part of efforts to refocus capital and direct investment towards what it calls its highest-value opportunities. The company did not name potential buyers, but it said it expects the assets to be better positioned under new ownership.

BP chief executive Meg O’Neill, who became CEO in April, said earlier this year that the North Sea still had “untapped potential”. Announcing the sale on Friday, she said BP believes the operation’s assets and workforce could attract an owner willing to support the next phase of the business.

BP said it is seeking an outcome that recognises what it called the value of the North Sea operation, describing it as having world-class staff, resilient assets and a long heritage.

Jobs And Safety During The Sale Process

BP said it will continue to run the North Sea operations safely and reliably throughout the sale process. The company said it remains committed to maintaining production and operational standards while the transaction is progressed.

The North Sea business produced 117,000 barrels of oil equivalent per day in 2025. That output is a small share of BP’s total production, which the company reported at 2.3 million barrels of oil equivalent per day.

The sale could potentially generate £2bn for BP. The Financial Times reported last month that BP had been in talks with Ithaca Energy about selling its North Sea assets for about that amount, but the discussions ended without a deal.

Political Backdrop In The UK And US

The move comes as political debate continues over the pace of North Sea drilling. Earlier this week, UK Prime Minister Andy Burnham said he had told US President Donald Trump he would take a “pragmatic approach” on North Sea oil and gas.

Trump, some trade unions, industry figures and some Labour MPs have backed plans for increased drilling in the region.

BP said the UK has been part of its business for more than 100 years and will continue to play a significant role in its future. The company also said it is proud of the jobs it supports and its contribution to the UK economy.

BP employs about 13,960 people in the UK.

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31 July 2026

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    Hummin Star Member

    Hummin

    Advanced Member

    BP is selling out of the North Sea after taking its share of the profits for decades. The next owner will inherit ageing fields and the cleanup, and if that owner cannot pay, the taxpayers may eventually be left with the bill.

    Britain had a long oil fairytale, but where is the lasting wealth belonging to the British people? Norway saved much of its oil income, but that fortune may become a target when green politicians start treating oil producing countries like the tobacco industry, using courts, liability claims and compensation demands to milk whatever is left.

    The irony is that Britain spent the money, while Norway may be punished because it saved it.

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    ronnie50 Platinum Member

    ronnie50

    Advanced Member
    1 hour ago, webfact said:

    BP chief executive Meg O’Neill, who became CEO in April, said earlier this year that the North Sea still had “untapped potential”. Announcing the sale on Friday, she said BP believes the operation’s assets and workforce could attract an owner willing to support the next phase of the business.

    Red flag? Meaning the North Sea has actually been tapped almost dry? Bad news for the SNP if that's the case, and UK more generally.

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    Hummin Star Member

    Hummin

    Advanced Member
    13 minutes ago, ronnie50 said:

    Red flag? Meaning the North Sea has actually been tapped almost dry? Bad news for the SNP if that's the case, and UK more generally.

    The North Sea is not dry. In many discovered oil reservoirs, roughly 54 to 60 percent of the original oil remains underground, depending on the reservoir formation and geology. The problem is that much of it cannot be recovered economically with today’s technology, costs and oil prices. There are also significant undiscovered resources. The Norwegian Offshore Directorate estimates that undiscovered resources account for around 22 percent of the total resources on the Norwegian continental shelf, although I personally believe there could be more.

    impulse Star Member

    impulse

    Advanced Member

    I worked for many years for major oil companies, including Amoco, the US predecessor of BP. The reality is that we sucked at operating older fields.

    It was better to sell them onto more nimble, smaller companies that didn't have layer upon layer of management and require 100 signatures and meetings out the wazoo to change the brand of toilet paper.

    Not to mention, the majors are a lot more risk averse to drilling wells with a higher chance of being a dry hole. A smaller company can come in and drill them for a lot less money. And if they turn out to be dusters, careers aren't derailed. That's the business.

    This isn't necessarily bad news. As long as regulators don't fall asleep on the job.

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