BP has released confidential sale documents for its £2.5bn North Sea oil and gas portfolio, formally sounding out buyers as it seeks a rapid exit after 60 years. The company is seeking a single cash purchaser for its whole portfolio, which comprises five production hubs off the coast of Scotland, including the Clair and Schiehallion fields west of Shetland with an estimated eight billion barrels of oil. Analysts at Rystad identify Neo Next+, Adura, and Ithaca Energy as the most likely purchasers, with Neo Next+ widely seen as the leading candidate after recently buying out BP's share of the Culzean gas field. Smaller independents such as Serica Energy and Enquest are also interested but may struggle to fund the entire portfolio and could push for a break-up.
BP PLCBP seeks to sell its North Sea portfolio for £2.5bn, indicating a strategic exit and potential divestiture.
