BP puts North Sea business up for sale

BP has said it is putting its North Sea business up for sale in a move that would end 60 years of production in the region by the oil giant.

The decision follows a review of BP’s operations as it seeks to slim down the group. Its North Sea business has five production hubs – two in the central North Sea and three west of Shetland – and employs about 1,100 people.

Earlier this week, Prime Minister Andy Burnham said he told US President Donald Trump he would take a “pragmatic approach” to the issue of North Sea oil and gas.

Trump, some trade unions, industry figures and some Labour MPs all back increased drilling in the North Sea.

BP chief executive Meg O’Neill said the North Sea business would be “better positioned as part of another company”.

“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,” she said.