BP announced on Friday that it will sell its North Sea oil and gas operations, a move that would conclude six decades of production in the region by the company.
The portfolio consists of five production hubs—two in the central North Sea and three west of Shetland—and supports roughly 1,100 employees. In 2025 the assets delivered about 117,000 barrels of oil equivalent per day, representing a small fraction of BP’s overall 2.3 million‑barrel daily output.
Proceeds from the sale could reach around £2 billion. Earlier this year the group had explored a deal with Ithaca Energy at that valuation, but the negotiations did not progress.
Chief executive Meg O’Neill said the North Sea business is built on world‑class talent, resilient infrastructure and a proud heritage. She added that concentrating capital on high‑value opportunities would better position the assets for future growth under a new owner.
BP will keep its global headquarters in the United Kingdom and has pledged to maintain safe and reliable operations throughout the transition.
The decision arrives amid political discussions about the future of North Sea drilling. The governing party’s 2024 election platform states it will not issue new licences but will honour existing ones.
The prime minister has described a pragmatic stance toward the region’s resources, noting that the North Sea remains an important energy asset during periods of economic strain.
Scottish officials have warned that the sale will create uncertainty for workers and highlighted the importance of North Sea production for national energy security and the local skill base. They also cited the Energy Profits Levy as a factor contributing to the sector’s decline.
Opposition parties have called for the approval of offshore projects, the removal of licence bans, and the scrapping of the levy to support the industry.
Representatives from reformist and green groups emphasized that many of the region’s oil exports leave the country and urged policymakers to prioritize job security and economic practicality over ideological positions.
