BP puts North Sea oil and gas business up for sale
Summary
BP has started the process to sell its oil and gas business in the North Sea. The company’s new CEO, Meg O’Neill, wants to focus on stronger parts of BP and reduce debt, while the UK government says it will take a practical approach to North Sea energy.Key Facts
- BP officially launched the sale of its North Sea oil and gas business.
- Meg O’Neill became BP’s CEO on April 1 and is leading the sale effort.
- BP aims to simplify its company and lower its debt.
- O’Neill said the North Sea is still important for UK energy and BP’s future.
- The UK government, including Energy Secretary Miatta Fahnbulleh, is closely involved and wants to protect workers and communities during the sale.
- Energy Secretary Fahnbulleh stated oil and gas will remain part of the UK’s energy mix for years.
- BP recently removed its chair, Albert Manifold, over concerns about governance and conduct.
- The UK’s regional leader, Andy Burnham, supports a practical view on North Sea oil and gas drilling.
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