May 04, 2026 [Reuters]- BP is weighing a sale of some or all of its UK North Sea operations as part of a broader effort to cut debt and refocus on higher-return oil and gas projects, Bloomberg News reported on Friday, citing people familiar with the matter.
The company is conducting an internal review of its UK upstream operations, which could fetch about 2 billion pounds ($2.72 billion) if sold fully, according to the report, which also said that the plans were not final and may not materialise.
BP did not immediately respond to a Reuters request for comment. Its shares closed down just over 2% on Friday amid broader market weakness stemming from Iran war negotiations, with the FTSE 100, 0.1% lower.
Meg O’Neill took the helm as CEO last month as the group shifts money to shrinking its debt and refocusing investment in oil and gas projects where it expects better returns following an ill-fated foray into renewables.
In February BP said it would suspend buybacks.
BP operates five key production hubs in the major but ageing North Sea region, including the Clair oilfield, which is the largest on the UK continental shelf, according to its website.
Last year, the company sold its stake in some of the North Sea assets to project partners in a $232 million deal.
Other firms such as Chevron, Shell and TotalEnergies have either sold their assets in the basin or restructured their positions.
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