Why is BP selling its UK North Sea oil and gas assets, according to CEO Meg O'Neill?

According to CEO Meg O'Neill, BP is selling its UK North Sea assets because '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.' This decision is part of a broader portfolio overhaul aimed at improving profitability under her leadership.

What has been the trend among major international oil companies regarding their North Sea operations in recent years?

ExxonMobil, Chevron, ConocoPhillips, Shell, TotalEnergies, and Eni have all sold, merged, spun off, or otherwise reduced their operations in the ageing North Sea basin in recent years as production falls and other locations offer more profitable projects.

BP puts UK North Sea oil and gas assets up for sale as CEO pushes overhaul

Jul 30, 2026

BP plans to sell its UK North Sea oil and gas assets under new CEO Meg O'Neill's strategy to improve profitability amidst declining regional output and tax concerns. This move aligns with broader industry trends as major producers reduce operations in the ageing basin.

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BP puts UK North Sea oil and gas assets up for sale as CEO pushes overhaul

BP puts UK North Sea oil and gas assets up for sale as CEO pushes overhaul

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