Breaking News | BP Exits North Sea After 60 Years, Last Major Leaves Basin

BP announced it is selling its entire North Sea oil and gas business, ending six decades of UK continental shelf production. The assets comprise five production hubs (two central North Sea, three west of Shetland) generating approximately 117,000 barrels of oil equivalent per day - roughly 5% of BP's total 2.3 million boepd group output.

The North Sea operation employs around 1,100 people headquartered in Aberdeen. CEO Meg O'Neill framed the sale as a portfolio optimization: "We believe our North Sea business will be better positioned as part of another company" as BP directs capital toward higher-value opportunities.

The exit follows decades of gradual retreat - BP sold the flagship Forties field in 2003 and related infrastructure in later years. UK taxation now reaches up to 78% of takings, including a 38% windfall levy extended to March 2030. BP joins Shell, ExxonMobil, Chevron, Equinor, and TotalEnergies in shedding or spinning off North Sea core holdings amid dwindling reserves and punitive fiscal terms.

• Acquirer identity: Likely a mid-tier or private equity-backed operator willing to accept mature asset risk and UK tax burden

• Political reaction: PM Andy Burnham's Labour government faces pressure to adjust windfall tax regime; Scotland's First Minister called for immediate repeal of the energy profits levy

• Employment impact: Outcome for 1,100 Aberdeen-based workers depends on buyer commitment