BP launches sale of UK North Sea oil and gas business

Energy giant BP launched a formal sale process for its UK North Sea oil and gas business on Friday, July 31, 2026, marking a potential end to over six decades of operations in the aging basin. The move is a central part of new CEO Meg O'Neill's sweeping portfolio review, aimed at simplifying the company, reducing debt, and focusing capital on higher-return projects elsewhere.

In a statement, O'Neill said that while the North Sea remains integral to the UK's energy system, BP believes the business will be better positioned as part of another company. The decision is part of an ongoing effort to streamline BP's global portfolio, which has already seen the sale of its lubricants division Castrol and other assets. The company is targeting significant divestments by year-end. BP employs approximately 1,100 people in its North Sea operations, which are centered around five major production hubs, including a 45% stake in the Clair field, the largest on the UK continental shelf.

The North Sea unit produced about 100,000 to 117,000 barrels of oil equivalent per day last year, roughly 5% of BP's global output of 2.3 million barrels per day. BP becomes the last of the global supermajors to...