BP has put its business in the UK North Sea up for sale, in a move that is set to end more than 60 years of production by the oil major in the basin.
“The North Sea remains integral to the UK’s energy system,” said chief executive Meg O’Neill. “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.”
Earlier this year, BP held advanced talks with Ithaca Energy about a near £2bn deal for its business, but no agreement was reached.
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