British oil giant BP announced plans Friday to sell off its North Sea business ending six decades of exploration and extraction on the U.K. Continental Shelf since the company first struck gas there in 1964. File photo by Neil Hall/EPA
July 31 (UPI) -- British oil giant BP announced plans Friday to sell off its North Sea business, ending six decades of exploration and extraction in the U.K. Continental Shelf since the company first struck gas there in 1964.
The firm said that nothing would change for the time being while a buyer was found, vowing in a news release that it was fully committed to continuing to run its operations, prioritizing safety and dependability, while delivering for its customers, partners and investors.
The outcome of a review of its portfolio, BP said the goal was to enhance the value of the company by making it simpler and stronger through adhering to its approach of allocating capital in a rigorous fashion.
"The North Sea remains integral to the U.K.'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," said BP.
