BP has been engaged in discussions regarding the sale of its UK North Sea assets, with an estimated value of £2 billion. These potential sales are part of a broader restructuring initiative being spearheaded by CEO Meg O'Neill within the oil and gas major.
While previous talks with Ithaca for these assets did not materialize into a deal, BP is reportedly still exploring options for a sale. This move would signify a significant divestment from its North Sea portfolio.
The broader context of BP's North Sea presence includes the restarting of a gas field co-owned with Iran, and past instances where the company's North Sea oilfield stake sales faced scrutiny due to Iranian links. EnQuest previously took over operations of BP's Magnus field in the North Sea.
