In an effort to concentrate on its “highest-value opportunities,” British oil and gas behemoth BP announced on Friday that it had started a process to offer its North Sea division for a possible sale. According to a statement from BP, its North Sea portfolio off the coast of the United Kingdom consists of five production hubs and employs over 1,100 people. BP said its North Sea portfolio off the coast of the United Kingdom consists of five production hubs and employs over 1,100 people.
We have lived in the UK for almost a century, and it will remain a significant part of our future. In the statement, BP CEO Meg O’Neill said, “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 essential to the UK’s energy system, she continued. However, we think our North Sea business will be better positioned as a part of another company as we concentrate our portfolio and allocate cash to our highest-value opportunities. It can draw an owner prepared to support its next phase because it has top-notch personnel, strong assets, and a rich history.
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