BP launches potential sale process for North Sea portfolio

BP has announced the commencement of a process to marketplace its North Sea concern for a imaginable merchantability arsenic portion of its ongoing portfolio review.

The institution said this determination is successful enactment with its attack to superior allocation and aims to make a simpler business.

BP's North Sea portfolio includes 5 accumulation hubs: Andrew and ETAP successful the cardinal North Sea, and Glen Lyon, Clair and Clair Ridge westbound of Shetland.

In 2025, bp maintained a workforce of 13,962 radical successful the UK, with astir 1,100 of those moving successful the North Sea business.

BP stated that its North Sea concern "will beryllium amended positioned arsenic portion of different company" arsenic it works to absorption its portfolio and nonstop superior to what it identifies arsenic its highest-value opportunities.

According to bp, the concern has "world-class people, resilient assets and a arrogant heritage", and the institution said it is seeking an result that recognises these qualities.

BP CEO Meg O'Neill said: "The UK has been our location for much than 100 years and volition proceed to play an important relation successful our future. We are arrogant of the jobs we create, the publication we marque to the UK system and the enactment we bash to support vigor flowing each day.

"The North Sea remains integral to the UK's vigor system. However, arsenic we absorption our portfolio and nonstop superior to our highest-value opportunities, we judge our North Sea concern volition beryllium amended positioned arsenic portion of different company."

BP said it plans to run the concern safely and reliably during the process, serving customers, partners and stakeholders.

In a abstracted announcement, bp said that it has completed the merchantability of its Gelsenkirchen refinery and associated businesses to Klesch Group. This transaction, initially announced successful March 2026, is expected to little bp's underlying operating expenditure by astir $1bn (£743.31m), with affected employees transferring to Klesch Group.

BP present retains a refining portfolio of 5 sites crossed the US and Europe.

According to a study from Reuters past week, the institution plans to chopped astir 700 non-front enactment roles globally, oregon astir 8% of positions successful its accumulation and operations business. The company, arsenic per an email seen by the quality agency, stated that beforehand enactment teams including operators, technicians and attraction workers are not expected to beryllium materially impacted.

In its latest trading connection released past month, bp estimated that its 2nd 4th 2026 (Q2 2026) reported upstream accumulation would scope from 2.17 cardinal barrels of lipid equivalent per time (mboe/d) to 2.22mboe/d. This compares to 2.34mboe/d successful Q1, chiefly owed to seasonal attraction successful the Gulf of Mexico and disruption successful the Middle East.

Last week, bp began accumulation astatine the Atlantis Major Facility Expansion task offshore US.

"BP launches imaginable merchantability process for North Sea portfolio" was primitively created and published by Offshore Technology, a GlobalData owned brand.