bp is looking for possible buyers for its UK North Sea oil and gas business as part of an ongoing strategy to simplify its global portfolio and reallocate capital to higher-value assets.
The decision places five key production hubs on the market, including two in the central North Sea, Andrew and ETAP, and three located west of Shetland: Glen Lyon, Clair, and Clair Ridge. The UK North Sea operations currently employ approximately 1,100 people.
bp CEO Meg O’Neill noted that while the North Sea business remains a resilient asset, the divestment aligns with bp’s long-term corporate strategy.
“The UK has been our home for more than 100 years and will continue to play an important role in our future,” O’Neill said.
“We’re proud of the jobs we create, the contribution we make to the UK economy, and the work we do to keep energy flowing every day.
“However, as we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company.
“It has world-class people, resilient assets and a proud heritage, and it is precisely these qualities that can attract an owner ready to back its next chapter.”
The company confirmed that its global headquarters will remain in the UK and that operations will continue safely and reliably throughout the sales process.
Despite the planned exit from North Sea production, bp maintains significant ongoing operations across Britain. These include its Air bp aviation fuel business across more than 60 locations, an extensive retail and electric vehicle charging network, its London-based global supply and trading hub, and major joint ventures in carbon capture and storage as well as offshore wind.
