BP has launched a process to market its North Sea business for a potential sale as part of its ongoing portfolio review.
The company said the decision reflects its disciplined approach to capital allocation and forms part of its strategy to create a simpler, stronger and more valuable company.
The company's North Sea portfolio comprises five production hubs - Andrew and ETAP in the central North Sea, and Glen Lyon, Clair and Clair Ridge west of Shetland.
In 2025, bp employed 13,962 people in the UK, including approximately 1,100 in its North Sea business.
Outside its North Sea operations, Air bp provides aviation fuel and services at more than 60 locations across the UK. The company also has a network of retail sites across the country, one of the UK's largest electric vehicle charging networks, joint ventures in carbon capture and storage (CCS) and offshore wind, and its global supply, trading and shipping hub in London. bp's global headquarters remain in the UK.
“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.
“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,” said Meg O'Neill, BP’s Chief Executive Officer.