bp announced that it is launching a process to market its North Sea business for a potential sale.

The decision forms part of bp’s ongoing portfolio review and reflects its disciplined approach to capital allocation – all in service of creating a simpler, stronger and more valuable company.

Chief executive officer, Meg O’Neill, said: “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.

“The North Sea remains integral to the UK’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. We are seeking an outcome that recognizes that value.”

bp remains committed to operating the business safely and reliably throughout this process, while continuing to deliver for its customers, partners and stakeholders.