BP reviews UK North Sea operations for potential £2 billion exit
Updated
Updated · Bloomberg · May 1
BP reviews UK North Sea operations for potential £2 billion exit
11 articles · Updated · Bloomberg · May 1
The London-listed oil major is assessing part or all of its upstream business in the UK North Sea, according to people familiar with the matter.
A full divestment could raise about £2 billion, or $2.7 billion, as BP weighs asset sales under its new chief executive.
The review forms part of efforts to streamline the portfolio and reduce debt, signalling possible further disposals as the company reshapes its operations.
Beyond corporate debt, what is the real cost to the UK from BP's North Sea departure?
Is BP's North Sea exit a green pivot or just a shift to more profitable overseas oil fields?
As BP plans its North Sea retreat, who will secure Britain's energy supply during global crises?