BP launched a formal process on Friday to market its North Sea oil and gas business for a potential sale, with CEO Meg O'Neill framing the move as portfolio simplification and debt reduction. The company has operated in the North Sea since its first UK exploration licence in 1964, discovering the West Sole gasfield in 1965 and the giant Forties field in 1970. The UK continental shelf has produced 47.7bn barrels of oil equivalent through end-2024, with the North Sea Transition Authority estimating 2.9bn BOE in remaining reserves, 6.2bn BOE in contingent resources, and 4.6bn BOE in prospective resources. BP will retain its UK aviation fuel distribution, retail sites, trading desk, and London headquarters. Energy Secretary Miatta Fahnbulleh said she was in close contact with BP and prioritised worker and community protection during the sale. The announcement follows BP's May decision to sell stakes in two UK carbon capture and storage projects.
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It follows BP's 30 July announcement of 700 job cuts and its 24 July talks to sell Lightsource, marking a third divestiture in eight days as O'Neill reshapes the company.
