BP has announced the start of a process to market its North Sea business for a potential sale as part of its ongoing portfolio review.
The company said this move is in line with its approach to capital allocation and aims to create a simpler business.
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BP’s North Sea portfolio includes five production hubs: Andrew and ETAP in the central North Sea, and Glen Lyon, Clair and Clair Ridge west of Shetland.
In 2025, bp maintained a workforce of 13,962 people in the UK, with around 1,100 of those working in the North Sea business.
BP stated that its North Sea business “will be better positioned as part of another company” as it works to focus its portfolio and direct capital to what it identifies as its highest-value opportunities.
According to bp, the business has “world-class people, resilient assets and a proud heritage”, and the company said it is seeking an outcome that recognises these qualities.
BP CEO Meg O’Neill said: “The UK has been our home for more than 100 years and will continue to play an important role in our future. We are proud of the jobs we create, the contribution we make to the UK economy and the work we do to keep energy flowing every day.
“The North Sea remains integral to the UK’s energy system. 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.”
BP said it plans to operate the business safely and reliably during the process, serving customers, partners and stakeholders.
In a separate announcement, bp said that it has completed the sale of its Gelsenkirchen refinery and associated businesses to Klesch Group. This transaction, initially announced in March 2026, is expected to lower bp’s underlying operating expenditure by around $1bn (£743.31m), with affected employees transferring to Klesch Group.
BP now retains a refining portfolio of five sites across the US and Europe.
According to a report from Reuters last week, the company plans to cut around 700 non-front line roles globally, or around 8% of positions in its production and operations business. The company, as per an email seen by the news agency, stated that front line teams including operators, technicians and maintenance workers are not expected to be materially impacted.
In its latest trading statement released last month, bp estimated that its second quarter 2026 (Q2 2026) reported upstream production would range from 2.17 million barrels of oil equivalent per day (mboe/d) to 2.22mboe/d. This compares to 2.34mboe/d in Q1, primarily due to seasonal maintenance in the Gulf of Mexico and disruption in the Middle East.
Last week, bp began production at the Atlantis Major Facility Expansion project offshore US.
