Why is BP selling its North Sea business, according to CEO Meg O'Neill?

According to CEO Meg O'Neill, BP is selling its North Sea business due to 'repeated changes in UK policy on oil and natural gas'—particularly policies affecting taxes and exploration—as well as the company's broader effort to strengthen its balance sheet through disciplined capital allocation. She emphasized that the decision was 'not made lightly', given BP's more than 50-year presence in the basin, and framed it as a strategic choice rooted in 'capital discipline and capital allocation within BP' rather than a judgment on the basin's resource potential, which she affirmed remains 'untapped'.

What does BP's CEO say about the future of oil and gas development in the North Sea under the new UK government?

BP CEO Meg O'Neill stated, 'We still think there is untapped oil and gas potential in the basin' and expressed cautious optimism about policy direction under the new administration, saying, 'Hopefully we’ll see some good things from this new government.' This comment follows her observation that the previous UK government opposed new drilling and contributed to reduced investment attractiveness—contrasting with incoming Prime Minister Andy Burnham’s stated position that he 'won’t ignore the resources in the North Sea.'

BP Sees Strong Interest in North Sea Business Sale, CEO Says

Aug 4, 2026

BP reports strong buyer interest in its North Sea assets following CEO Meg O'Neill's announcement of the sale process. The decision stems from UK policy changes and capital allocation strategies.

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BP Sees Strong Interest in North Sea Business Sale, CEO Says

BP Sees Strong Interest in North Sea Business Sale, CEO Says

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