BP has put its North Sea oil and gas business up for sale, the company announced on Friday, in a move that would end 60 years of production in the region by the group.
The business has five production hubs, two in the central North Sea and three west of Shetland, and employs about 1,100 people. It produced 117,000 barrels of oil equivalent per day in 2025, against BP’s total daily production of 2.3 million barrels.
The decision follows a review of BP’s operations as it seeks to slim down the group. A sale could bring in £2bn to BP. The Financial Times reported last month that the company had been in talks with Ithaca Energy to sell the assets for around that amount, although the talks fell through.
Chief executive Meg O’Neill, who took the helm in April, said earlier this year there was “untapped potential” in the North Sea. Announcing Friday’s decision, she said: “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.”
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