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BP considers North Sea exit as it reshapes investment strategy
BP says it is simplifying its portfolio and reducing costs, with tighter discipline on capital spending and a stronger balance sheet as part of the review.
OilPrice reports that BP has started to simplify its portfolio and cut costs, and chief executive Meg O’Neill said the company will make fewer, but better, choices about which projects to invest in.
The outlet adds that BP is looking at its North Sea position as part of the strategy shift, alongside plans to maintain tighter capex discipline and strengthen its balance sheet.