British oil and gas giant BP said on Friday that it had launched a process to market its North Sea business for a potential sale, as it looks to focus on its “highest-value opportunities”.
Its North Sea portfolio off the UK coast comprises five production hubs and employs about 1,100 people, BP added in a statement.
“The UK has been our home for more than 100 years and will continue to play an important role in our future. We’re proud of the jobs we create, the contribution we make to the UK economy, and the work we do to keep energy flowing every day,” BP chief executive Meg O'Neill said in the statement.
She added: “The North Sea remains integral to the UK's energy system. However, as we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company. It has world-class people, resilient assets and a proud heritage, and it is precisely these qualities that can attract an owner ready to back its next chapter."
O'Neill said BP would seek a deal that recognised the business’s “people, assets and heritage”.
