BP has launched a process to sell its North Sea oil and gas operations, marking a potential end to the company's six-decade presence in the region. The portfolio includes five offshore production hubs — Andrew, ETAP, Glen Lyon, Clair and Clair Ridge — which produce nearly 100,000 barrels of oil and gas per day and employ about 1,100 workers. Analyst Chris Beauchamp of IG called the move "a watershed moment".
The divestment is part of a broader restructuring under chief executive Meg O'Neill, who took over on 1 April, aimed at simplifying operations, cutting debt and reallocating capital. BP targets $20 billion in total asset sales by 2027. O'Neill said the North Sea business would be better positioned as part of another company.
Prime Minister Andy Burnham said Thursday he would take a "pragmatic" approach to the North Sea. Energy Secretary Miatta Fahnbulleh said she was in close contact with BP over its plans. BP has been involved in the North Sea since 1964.