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BP considers exit from the UK North Sea under new leadership
BP said it will simplify its portfolio, cut costs, and make fewer projects while keeping tight discipline on capex and strengthening its balance sheet.
BP is considering an exit from the UK North Sea as part of a broader portfolio simplification and cost-cutting push, according to OilPrice. Chief executive Meg O’Neill said BP would make fewer but better choices on where to invest, emphasizing tight discipline on capital spending and efforts to strengthen the balance sheet. In a LinkedIn post reflecting on her first 100 days as CEO, she also said the company is reducing costs and maintaining a focus on long-term shareholder value.
OilPrice notes BP has already simplified its structure by bundling operations into two businesses, Upstream and Downstream, with trading connecting the two to create value. O’Neill said BP continued this simplification despite disruption in the energy industry.
As part of the North Sea discussion, OilPrice reports the exit consideration is tied to unfavorable taxation policies in Britain, with BP still the only remaining supermajor that has not sold or combined its UK North Sea business in recent years.