BP has announced plans to sell its North Sea oil and gas business as the government, led by Andy Burnham, appears more open to approving new drilling licences over concerns about the UK’s energy security.
The energy giant, which operates five major production hubs said the move is part of a wider review of its business under new chief executive Meg O’Neill, who took over in April.
O’Neill said the UK would remain an important part of BP’s future, highlighting the company’s long history in Britain, the jobs it supports and its role in supplying energy.
She added that while the North Sea remains a key part of the UK’s energy system, BP believes the business has a stronger future under new ownership as it focuses investment on its most valuable projects. O’Neill said the North Sea operation has experienced staff, high-quality assets and a strong history, making it an attractive opportunity for potential buyers.
BP also said it will continue to operate the business safely and reliably while the sale process is underway.
This breaking news story is being updated and more details will be published shortly.