Energy giant BP announced Friday it is putting its North Sea business up for sale, initiating an exit process that would end six decades of offshore oil production in the region.
The decision comes as part of an operational review aimed at streamlining group operations.
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BP's North Sea assets include five production hubs located west of Shetland and in the central North Sea, employing approximately 1,100 workers.
The North Sea division produced 117,000 barrels of oil equivalent per day in 2025, a minor fraction of the company's total global daily production of 2.3 million barrels.
BP currently employs roughly 13,960 people across the United Kingdom.
Potential market valuations suggest the divestment could generate up to £2 billion for the firm following previous unsuccessful negotiations with Ithaca Energy.
Company Statement
"The UK has been our home for more than 100 years and will continue to play an important role in our future," said Meg O'Neill, Chief Executive of BP.
Company management reaffirmed its intention to maintain safe and reliable operations across all facilities throughout the formal divestment procedure.
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"We're proud of the jobs we create, the contribution we make to the UK economy, and the work we do to keep energy flowing every day," said O'Neill.
The corporate move intersects with broader political discussions surrounding UK energy strategy, as Prime Minister Andy Burnham stated earlier this week that he informed US President Donald Trump of plans to take a pragmatic approach toward North Sea extraction.
"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," said O'Neill.
Increased offshore drilling continues to receive public backing from US President Donald Trump, selected trade unions, industry stakeholders, and several Labour MPs.
"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.
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We are seeking an outcome that recognizes that value," said O'Neill.
