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

According to Meg O'Neill, BP is selling its 60-year-old North Sea oil and gas business because 'it just doesn’t compete' in the internal battle for capital — a decision made without regard for 'sentiment' or 'history'.

What did Meg O'Neill advise UK Prime Minister Andy Burnham regarding the North Sea's role in UK energy strategy?

O'Neill advised Burnham that 'the UK gets 75% of its energy from fossil fuels today', so 'the first barrel of oil we consume and molecule of natural gas we need should be coming from the UK North Sea', as it generates jobs, tax revenue, and other positive impacts — especially to minimise imports like liquefied natural gas with higher associated emissions.

BP CEO Prunes Portfolio, Advises UK on North Sea Energy Strategy

Aug 5, 2026

BP CEO Meg O'Neill announced asset disposals including North Sea operations and biogas unit Archaea to accelerate debt reduction amid record oil profits. She advised the UK government that domestic North Sea production remains vital for energy security.

theguardian

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