Is BP planning to exit its UK North Sea operations, and what is the potential financial impact of such a move?

BP is conducting an internal review of its upstream operations in the UK North Sea, with a full divestment potentially fetching about £2 billion ($2.7 billion); however, there is no certainty that the company will pursue any divestment, as the review is ongoing and the information remains private.

Who is leading BP's current portfolio review, and how does this relate to the company's broader strategic goals under new CEO Meg O'Neill?

Carol Howle, BP’s deputy CEO, is overseeing a global portfolio review, part of a strategic reset under new CEO Meg O’Neill — who pledged to reverse years of underperformance and target about $20 billion in divestments by the end of 2027, following pressure from activist shareholder Elliott Investment Management and the departure of former CEO Murray Auchincloss.

BP Reviews UK North Sea Assets as New CEO Eyes Disposals

May 1, 2026

BP is reviewing its UK North Sea upstream operations for potential divestment worth around £2 billion, part of a broader $20 billion asset reduction strategy aimed at improving its balance sheet under new CEO Meg O'Neill.

bloomberg

2026-05-01

BP Reviews UK North Sea Assets as New CEO Eyes Disposals

2026-05-01

BP Weighs Potential Exit from UK North Sea Operations

BP Reviews UK North Sea Assets as New CEO Eyes Disposals

FAQ