BP has started the process of marketing its North Sea business for a potential sale, the company said. The move is part of a wider review of the oil major's portfolio.
The company has effectively placed its North Sea operations on the market, according to reports. The decision affects BP's oil and gas production assets in the region, which have been a key part of the company's operations for decades.
BP did not give a timeline for the sale or indicate which specific assets might be included. The review is part of a broader effort to streamline the company's portfolio as it transitions toward cleaner energy.
The North Sea is a mature oil-producing region with high operating costs, making it less attractive to major oil companies in recent years. BP's potential exit comes amid a wider industry trend of oil giants selling older assets to focus on newer, more profitable projects.
No buyers have been named yet, and the process is still in its early stages. BP has not said whether a sale is certain, only that it is exploring the option as part of its ongoing portfolio review.