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BP to Sell North Sea Assets for $2-3B, Cut Jobs

8/1/2026

24 3 Full Breakdown

Summary

Story summary

BP announced Friday it will sell its North Sea oil and gas business.
CEO Meg O’Neill said the assets would be better positioned under another owner.
The unit employs about 1,100 staff and produced 117,000 barrels of oil equivalent per day in 2025.
BP expects the sale to raise $2-$3 billion and plans to cut 700 jobs.
Labour Prime Minister Andy Burnham said he will take a “pragmatic” approach to drilling.

History

Historical Context

Britain’s 1975 North Sea Oil Act created the state-run BNOC, spurring rapid offshore development that peaked in 1999 at roughly 6 million barrels per day. Privatization began with the 1982 Oil and Gas (Enterprise) Act, and production has since halved, making the UK a net importer. BP’s $2.5 billion sale, announced by CEO Meg O’Neill and scrutinised by Labour leader Andy Burnham, reflects this shift from expansion to contraction.

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Story summary

BP announced Friday it will sell its North Sea oil and gas business.
CEO Meg O’Neill said the assets would be better positioned under another owner.
The unit employs about 1,100 staff and produced 117,000 barrels of oil equivalent per day in 2025.
BP expects the sale to raise $2-$3 billion and plans to cut 700 jobs.
Labour Prime Minister Andy Burnham said he will take a “pragmatic” approach to drilling.

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