BP has launched a formal process to market its North Sea oil and gas business for a potential sale. The move would end approximately 60 years of production in the region under the British energy giant’s ownership.
The decision follows a review of BP's operations and is part of a wider review of the oil major’s portfolio. The move comes as new CEO Meg O’Neill attempts to simplify the firm and cut its debt levels.
The proposed sale occurs amid volatile global energy markets and higher windfall taxes. By marketing the business to potential buyers, BP is paving the way to end oil production in its home country.