BP aims to secure a deal that reflects the value of these long-standing operations.
"We are seeking an outcome that recognises that value," O'Neill said.
Political Reactions
The announcement drew swift responses from political figures, linking the exit to national climate policies and drilling permits.
Shadow Energy Minister Andrew Bowie criticized the government's stance.
"BP has been drilling in British waters for six decades, but because of Labour's disastrous net zero dogma it faces extinction," Bowie said.
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He urged approval for the Jackdaw and Rosebank sites and a reversal of the ban on new licences.
"Andy Burnham should break with the past do what the Conservatives have called for and immediately approve the Jackdaw and Rosebank sites and cancel their plans to ban on new licences in the North Sea," Bowie said.
British politician Andy Burnham noted a pragmatic approach.
"There is a resource there. When people are struggling, we can't ignore that," Burnham said.
Reform UK's Richard Tice offered sharp criticism.
"Years of punitive windfall taxes and ideological net stupid policies by both Labour and the Conservatives have made the UK one of the least attractive places to invest in oil and gas," Tice said.
He questioned reliance on foreign energy when domestic reserves remain.
"The North Sea still has billions of barrels of oil and gas left to produce but for some bizarre reason this government prefers to import our energy from abroad," Tice said.
