BP Sells UK North Sea Assets Amid Portfolio Overhaul

BP has launched a formal sale process for its UK North Sea business as new CEO Meg O'Neill accelerates a sweeping portfolio overhaul aimed at cutting debt and simplifying the oil major. The move comes as part of BP's efforts to strengthen its balance sheet and improve its financial performance.

The sale of the UK North Sea assets is expected to be completed by the end of 2026, with several potential buyers already expressing interest in the business. According to reports, BP has hired investment bank Goldman Sachs to assist with the sale process.

Meanwhile, Australian shares have posted a fourth straight month of gains, but a final session rally largely crumbled as investors took profits ahead of a historically weak period for the exchange. The decline was led by energy and materials stocks, which fell due to concerns over rising interest rates and inflationary pressures.

In other news, Fortescue Metals Group, directed by billionaire Andrew Forrest, will declare a billion-dollar writedown of its Pilbara iron ore mine, marking a major asset writedown for the company. The move is expected to impact the company's bottom line and may lead to further cost-cutting measures in the future.

The Bank of England has kept its key interest rate on hold for the fifth time in 2026 after a bigger-than-expected drop in the inflation rate in June gave policymakers breathing space to assess the fallout from renewed fighting in Iran. The decision is seen as a cautious one, given the ongoing uncertainty surrounding global economic trends.