BP has put its North Sea business up for sale, potentially ending the oil giant's six decades of production in the basin. The FTSE 100 company said the move is part of an ongoing portfolio review as it seeks to cut costs and build a simpler, stronger, more valuable company. Chief executive Meg O'Neill stated that the North Sea business would be better positioned as part of another company, while BP would keep its global headquarters in the UK. BP has five oil platforms in the North Sea employing around 1,100 people, out of 14,000 UK staff. The sale process follows a warning of a looming oil and gas glut and plans to cut 700 non-front-line jobs.
BP PLCBP sells North Sea business as part of cost-cutting and portfolio review, indicating strategic divestment.