BP Sells UK North Sea Assets Amid Debt Cut Efforts
BP has launched a formal sale process for its UK North Sea business as part of a sweeping portfolio overhaul aimed at cutting debt and simplifying the oil major. The move comes under new chief executive Meg O'Neill, who is accelerating efforts to streamline BP's operations. The company will consider all options for its UK North Sea assets, including sale or partnership.
The decision follows a bigger-than-expected drop in inflation rates in June, which has given policymakers at the Bank of England breathing space to assess the fallout from renewed fighting in Iran. Meanwhile, Fortescue Metals Group, led by billionaire Andrew Forrest, is set to declare a billion-dollar writedown for its Iron Bridge mine in the Pilbara.
In related news, Australian shares have posted four consecutive months of gains, but a final session rally largely crumbled as investors took profits ahead of a historically weak period for the exchange. The Bank of England has kept its key interest rate on hold for the fifth time in 2026, citing a need to assess the economic impact of renewed tensions in Iran.