BP Axes North Sea Business in £2 Billion Asset Sale

BP has announced it will sell its North Sea business, marking the end of 60 years of oil production in the region. The decision follows a review of BP's operations as part of its efforts to slim down the group.

The company's North Sea business employs around 1,100 people and has five production hubs, with two located in the central North Sea and three off the coast of Shetland. It produced 117,000 barrels of oil equivalent per day in 2025, a small fraction of BP's daily production of 2.3 million barrels.

BP chief executive Meg O'Neill said the company remains committed to operating the business safely and reliably throughout the sale process. She added that the North Sea business will be better positioned as part of another company, with its world-class people, resilient assets, and proud heritage attracting a new owner.