BP Puts Its North Sea Oil and Gas Business Up for Sale

BP has launched a formal process to sell its North Sea oil and gas operations after six decades of production as CEO Meg O'Neill moves to simplify the firm and cut debt.

Justin Tomlinson

Editor-in-Chief, Mora Discover

2 sources
BP Puts Its North Sea Oil and Gas Business Up for Sale

BP has officially launched a formal process to market its North Sea oil and gas business for a potential sale. The decision, which was announced on Friday morning, signals an impending end to six decades of oil and gas production in the basin by the energy firm. The move comes as BP's new chief executive, Meg O'Neill, works to simplify the firm.[1][2]

The move to sell the North Sea operations comes as Chief Executive Meg O'Neill seeks to simplify the firm and cut its debt. Regarding the decision to launch the sale process, O'Neill stated that she believed the North Sea business would be "better positioned as part of another company" going forward.[1][2]

The formal marketing process for the North Sea asset potential sale will conclude six decades of basin production for BP. As the company seeks interested buyers through this formal process, it continues its focus on cutting debt and simplifying its operational footprint under O'Neill's leadership.[1]

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