BP launches sale of its North Sea business, ending some 60 years of production

BP announced on Friday 31 July 2026 that it has begun a process to market its North Sea business for a potential sale. The portfolio comprises five production hubs off the UK coast and employs about 1,100 people. A full divestment could bring to an end some 60 years of BP production in the North Sea.

The move is part of a broad portfolio overhaul under new chief executive Meg O'Neill, a plan targeting $20 billion in asset disposals by 2027 to cut debt and simplify the company's structure. Bloomberg has estimated that a full sale of the unit could fetch around £2 billion (close to $2.7 billion).

BP's chief executive said the UK has been the company's home for more than 100 years and will continue to play a role in its future. Upstream asset disposals by the oil majors are being followed closely in energy markets at a time when global crude prices are swinging under geopolitical pressure.