The divestment could fetch up to £2 billion and comes as the UK’s new prime minister signals openness to more drilling in the basin.
BP is seeking a buyer for its North Sea oil business after 60 years of production in the region, a sale that could bring in as much as £2 billion. The company confirmed the move on Friday following a review of its global operations. The business being marketed includes five production hubs and about 1,100 employees. The timing is notable because the UK’s new prime minister, Andy Burnham, has indicated support for continued drilling, calling North Sea oil a resource the country cannot ignore. The potential sale marks a significant reshaping of BP’s regional footprint while leaving open questions over who may acquire mature offshore assets in a basin that remains politically and economically sensitive.