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BP puts UK North Sea business up for sale

BP puts UK North Sea business up for sale

London, 31 July (Argus) — BP has put its UK North Sea business up for sale, potentially ending more than 60 years as an operator in the basin. The company said on 31 July that it had launched a process to seek a buyer for the business as part of a wider portfolio review intended to simplify the group. The assets include five production hubs: Andrew and Etap in the central North Sea, and Glen Lyon, Clair and Clair Ridge west of Shetland. BP produced 82,000 b/d of liquids and 203mn ft³/d of natural gas in the UK in 2025, and employed around 1,100 people in its North Sea business. "The North Sea remains integral to the UK's energy system," chief executive Meg O'Neill said. "However, as we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company." The move would mark a symbolic shift for a company that helped shape the UK offshore industry. BP has operated in the North Sea for around 60 years and describes Clair as the largest oil field on the UK continental shelf, with an estimated 7bn bl of oil in place. Clair Ridge, the second phase of development, started production in 2018 and was designed to recover an estimated 640mn bl. BP has continued to invest in its UK upstream portfolio in recent years despite a tougher fiscal backdrop for North Sea operators. Production from the Murlach field, tied back to Etap, started in 2025. The sector has faced mounting fiscal pressure since the UK introduced the Energy Profits Levy in 2022. The levy was increased to 38pc from November 2024, taking the headline tax rate on UK upstream oil and gas activities to 78pc, and was extended to March 2030. The government also removed the levy's main investment allowance. O'Neill had criticised changes to the UK fiscal regime before taking over as BP chief executive. Speaking in October 2022, she said "changing the tax regime without much industry consultation is not conducive to attracting new investors", and that such changes were not the kind of market signal that would say "come invest here". The higher tax burden has also drawn criticism from operators and industry groups, which argue it has made investment decisions more difficult and reduced the attractiveness of the UK continental shelf. Industry association Offshore Energies UK has said the current fiscal regime is deterring capital investment and accelerating declines in domestic oil and gas production. BP's move lands at a politically sensitive moment for the UK North Sea, with new prime minister Andy Burnham under pressure over the future of oil and gas drilling in the basin. US president Donald Trump has publicly pressed the UK to make greater use of its North Sea resources and criticised the previous government's approach. Burnham said on 30 July that he had told Trump he would take a "pragmatic approach" to the North Sea during a phone call the previous week. "There is a resource there", Burnham said in an ITV News interview, adding: "When people are struggling, we can't ignore that. Hence, me indicating that to the president." Burnham has not announced a change in North Sea policy. The latest published government position remains the North Sea Future Plan, released in November 2025, which supports production from existing oil and gas fields throughout their operating lives while ending the award of new licences to explore new fields. The plan also introduced Transitional Energy Certificates intended to support additional production linked to existing infrastructure as part of what the government calls a managed transition. BP has previously reduced its direct operating role in another mature North Sea basin. In 2016 it combined its Norwegian upstream business with Det Norske to create Aker BP, retaining a 30pc stake in the new company. A sale would mark BP's withdrawal from UK North Sea oil and gas production, but not from the UK energy sector more broadly. The company said it remains active in fuel retailing, aviation fuels, trading, electric-vehicle charging, offshore wind, and carbon capture and storage projects. By James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.