BP Abandons UK North Sea Assets Amid Profitability Push

BP is selling its UK North Sea oil and gas assets as new CEO Meg O'Neill accelerates a portfolio overhaul to improve profitability. The move follows British Prime Minister Andy Burnham's announcement that he will take a 'pragmatic' approach to developing and using oil and gas resources in the North Sea.

O'Neill stated that BP believes its North Sea business will be better positioned as part of another company, as it focuses on higher-value opportunities. The decision comes amid declining production in the basin, with overall output plummeting from 4.5 million barrels per day at the turn of the millennium to around one million barrels per day in 2025.

BP has worked in the North Sea for over six decades and operates five major production hubs in the region, including the Clair oilfield, the largest on the UK Continental Shelf. The company will retain its UK aviation fuel distribution business, retail sites, and trading desk alongside its London headquarters.