BP Puts U.K. North Sea Business Up for Sale — Update
By Adam Whittaker
British energy major BP said it is putting its U.K. North Sea business up for sale, paving the way to end oil production in its home country after 60 years.
BP said Friday that it would market the business to potential buyers as it refocuses spending on higher-returning projects elsewhere.
The assets include five production hubs across the central North Sea and west of the Shetland Islands.
BP is reviewing its portfolio of assets as part of a strategic shakeup designed to boost profits and shareholder returns. The company has fallen behind peers and is attempting to catch up by spending more on its core oil and gas business.
However, the higher spending on fossil fuels coincides with a stricter approach to capital discipline. This drive is being led by new Chief Executive Officer Meg O'Neill, who said Friday that BP is directing spending to its highest-value opportunities and that the North Sea business might be better positioned as part of another company.
BP's North Sea business employs around 1,100 people.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
July 31, 2026 02:52 ET (06:52 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
4 Stocks to Buy Before They Rise Further
2 Undervalued Stocks to Buy Before They Rebound
The 10 Best Companies to Invest in Now
The 10 Best Dividend Stocks
United States