BP to Sell North Sea Business as It Refocuses Energy Portfolio

BP plc has begun the process of selling its North Sea business as the British energy giant continues to streamline its global portfolio, Agence France-Presse (AFP) reported.

BP is seeking a buyer for its North Sea oil and gas operations as it reshapes its global energy portfolio. [Photo: Bp superfiuoul]

"The North Sea remains integral to the UK's energy system," BP Chief Executive Meg O'Neill said in a statement.

"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," she added.

BP's North Sea portfolio includes five production hubs and employs about 1,100 people.

The announcement comes as Prime Minister Andy Burnham faces pressure to ease restrictions on offshore oil and gas drilling.

Despite the planned sale, BP reaffirmed its commitment to the United Kingdom.

"The UK has been our home for more than 100 years and will continue to play an important role in our future," O'Neill said.

"We're 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 company added that its global headquarters will remain in the United Kingdom.