Which companies have expressed interest in acquiring BP's North Sea assets, and what are their ownership structures?

Adura and NEO Next+ have expressed interest in BP's North Sea assets; Adura is a joint venture of Equinor ASA and Shell Plc, while NEO Next+ is backed by TotalEnergies SE, Repsol SA, and HitecVision. Other potential bidders include EnQuest Plc, Harbour Energy Plc, Ithaca Energy Plc, Serica Energy Plc, and Var Energi ASA, though some — including Var Energi and Harbour Energy — have previously expressed skepticism about investing in the North Sea.

Why is BP exiting the North Sea, and how has UK government policy influenced this decision?

BP is exiting the North Sea in part due to UK tax policy for the sector and government restrictions on exploration and development of new projects; BP CEO Meg O’Neill stated in August that repeated changes in UK policy on oil and natural gas contributed to the decision, and that even potential future policy shifts under Prime Minister Andy Burnham’s administration would not sway BP’s plan to sell.

BP North Sea Assets Draw Interest From Suitors Including Adura, NEO Next+

Sep 9, 2026

BP Plc's North Sea assets attract bidders like Adura and NEO Next+ as the company exits the region amid UK policy challenges, with potential valuation near £2 billion.

bloomberg

2026-09-09

BP North Sea Assets Draw Interest From Suitors Including Adura, NEO Next+

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