UK-headquartered energy giant BP is launching a process to market its North Sea business for a potential sale after operating in the region for 60 years.
BP reported today, July 31, that the decision is part of an ongoing portfolio review and reflects the disciplined approach to capital allocation, all in service of creating a simpler, stronger and more valuable company.
“The UK has been our home for more than 100 years and will continue to play an important role in our future. 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,” said BP’s Chief Executive Officer (CEO) Meg O’Neill .
“The North Sea remains integral to the UK’s energy system. 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. We are seeking an outcome that recognizes that value.”