BP has begun a formal sale process for its North Sea oil and gas business, signalling the end of its six-decade production presence in the basin. The move is part of new chief executive Meg O’Neill’s effort to simplify BP and reduce debt, although the company says the UK will remain important to its wider operations. It is significant because the sale raises questions about the future of North Sea employment, investment and Britain’s energy policy.

BP entered the UK North Sea in 1964 and made major discoveries including the West Sole gasfield and Forties field. The UK continental shelf had produced 47.7bn barrels of oil equivalent by the end of 2024, with 2.9bn barrels of reserves still estimated to remain, alongside contingent and prospective resources. The energy secretary said the government was in contact with BP and would seek to protect workers and local communities, while critics and analysts disagreed over what the exit says about the basin’s future.