BP said it will sell its UK North Sea business, marking the end of oil production in its home country after six decades of operations.
The British energy company said it will put the business up for sale as part of its strategy to redirect capital toward higher-return projects elsewhere in its portfolio.
The assets include five production hubs located in the Central North Sea and west of the Shetland Islands.
The planned divestment is part of a broader portfolio review as BP continues to reshape its business to improve earnings and shareholder returns. The company has underperformed many of its industry peers in recent years and is seeking to narrow that gap by increasing investment in its core oil and gas operations.
The shift toward higher spending on fossil fuel projects comes alongside a stricter focus on capital discipline under Chief Executive Meg O'Neill. She said on Friday that BP is directing investment toward its highest-value opportunities and suggested the UK North Sea business could perform better under different ownership.
