BP joins other oil majors like Exxon Mobil and Chevron in exiting the UK North Sea, offloading operations that produced 117,000 barrels of oil equivalent per day.
BP is undergoing a significant strategic shift by divesting its entire UK North Sea oil and gas portfolio, which represents approximately 5% of its total global production. This move is part of a larger $20 billion divestment program aimed at restructuring the company's asset base after 60 years of operations in the region.
The North Sea operations accounted for approximately 5% of BP's total global production in 2025.
BP is conducting a $20 billion portfolio overhaul that includes the sale of its entire UK North Sea business.
Exxon Mobil was referenced as another oil major that has already sold its UK North Sea assets.
Chevron was referenced as another oil major that has already sold its UK North Sea assets.
BP is divesting its entire UK North Sea oil and gas business, ending a 60-year tenure in the region. The move aligns with a broader $20 billion portfolio restructuring strategy, as the company shifts away from legacy assets that accounted for roughly 5% of its total global output in 2025.
The sale is part of a strategic $20 billion portfolio overhaul aimed at restructuring the company's global assets.
Yes, BP follows industry peers including Exxon Mobil and Chevron, both of which have previously divested their UK North Sea holdings.