bp launches sale process for its North Sea business
- bp has launched a process to market its North Sea business for a potential sale.
- The move is part of bp's ongoing portfolio review and disciplined capital-allocation approach.
- CEO Meg O'Neill said the business has "world-class people, resilient assets and a proud heritage" and may be better positioned under another owner.
- bp will continue to operate the business safely and reliably while the marketing process proceeds.
Transaction
bp announced it is launching a process to market its North Sea business for a potential sale.
Rationale
The decision forms part of bp's ongoing portfolio review and reflects its disciplined approach to capital allocation in service of creating "a simpler, stronger and more valuable company." CEO Meg O'Neill said the UK has been bp's home for more than 100 years and that the North Sea remains integral to the UK's energy system, but added that as bp focuses its portfolio and directs capital to its highest-value opportunities the North Sea business may be better positioned as part of another company.
Assets and people
O'Neill described the North Sea business as having "world-class people, resilient assets and a proud heritage," saying those qualities can attract an owner ready to back its next chapter.
Operations during process
bp said it remains committed to operating the business safely and reliably throughout the marketing process while continuing to deliver for customers, partners and stakeholders.
Source: bp
