"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."
She emphasized that the existing assets and workforce position the business well for prospective buyers.
"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," said O'Neill.
"We are seeking an outcome that recognizes that value."
UK officials confirmed ongoing dialogue with the company following the announcement to assess the impact on local employment and energy supply.
"The North Sea is a vital national asset and we will take a pragmatic approach, recognising that oil and gas will be part of our energy mix for years to come," said Miatta Fahnbulleh, Energy Minister of the UK.
"I'm in close contact with BP and have made clear that my priority is ensuring that the workers and local community are protected during this sale process."
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BP confirmed it will continue operating its North Sea infrastructure safely throughout the prospective bidding phase.
