The British energy major is marketing a portfolio with five production hubs and about 100,000 barrels a day of output as Chief Executive Officer Meg O'Neill pushes a broader overhaul.
BP has formally begun marketing its U.K. North Sea oil and gas business, a move that would end more than 60 years of production in the basin for the company and mark one of the most significant strategic shifts in its recent history. The portfolio includes five major production hubs across the central North Sea and west of the Shetland Islands, among them the Clair oilfield, the largest on the U.K. continental shelf. The business employs about 1,100 people and produces close to 100,000 barrels of oil and gas a day. Chief Executive Officer Meg O'Neill said the sale is part of BP's plan to simplify its structure, cut debt and redirect capital toward higher-value opportunities, while keeping its global headquarters in the U.K. The decision comes as BP reorganizes its business into upstream and downstream divisions, scales back renewable energy investment and plans to cut 700 jobs, while U.K. officials say they remain in contact with the company and continue to view the North Sea as an important part of the country's energy mix.