BP Puts $2 Billion UK North Sea Business Up for Sale as Burnham Weighs New Drilling
Updated
Updated · Bloomberg · Jul 31
BP Puts $2 Billion UK North Sea Business Up for Sale as Burnham Weighs New Drilling
3 articles · Updated · Bloomberg · Jul 31
Summary
$2 billion is the estimated value of the UK North Sea business BP has put up for sale, a move that could end its standalone presence in the basin after 60 years.
BP's exit lands as Prime Minister Andy Burnham decides whether to permit new drilling, underscoring uncertainty around a shrinking domestic oil and gas sector.
BP is the only remaining oil major with a standalone UK North Sea business, making the sale politically symbolic as well as financially significant for the region.
Five production hubs and about 1,100 employees are tied to the business, which BP has said may be better positioned under another owner as it streamlines the group.