BP Puts Its North Sea Oil Business Up for Sale

BP on Friday launched a process to market its North Sea business as the UK-based supermajor looks to simplify its portfolio and invest in high-return projects. The formal launch of a potential sale comes after months of speculation that BP would be divesting part or all of its operations in the UK North Sea to focus on reserve growth and long-term production opportunities outside the UK. “The decision forms part of bp's ongoing portfolio review and reflects its disciplined approach to capital allocation – all in service of creating…