What was the reported value and status of BP's potential sale of its UK North Sea assets to Ithaca Energy?

The Financial Times reported that BP held advanced talks to sell its UK North Sea assets to Ithaca Energy for nearly £2 billion ($2.69 billion), but those talks failed in recent weeks. Although the deal with Ithaca collapsed, BP is still exploring options and may pursue a sale with other competitors.

How does BP's strategic shift under new CEO Meg O'Neill relate to its North Sea asset review?

Under new CEO Meg O'Neill, who took charge in April, BP is reorganising into two main business units—upstream and downstream—and has cut billions from planned renewable energy projects, pledged to divest $20 billion of assets by 2027, and aims to reduce debt and costs; this broader strategic refocusing includes weighing a sale of some or all of its UK North Sea operations.

BP Holds Talks to Sell North Sea Assets to Ithaca for £2 Billion, FT Reports

Jun 2, 2026

BP holds advanced talks to sell UK North Sea assets to Ithaca Energy for nearly £2 billion. As part of a broader restructuring, the company aims to divest $20 billion of assets by 2027.

reuters

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