BP looking to sell North Sea assets
Among its North Sea portfolio are the Clair fields to the west of Shetland, which sees oil piped to Sullom Voe Terminal
ENERGY giant BP has announced that it is launching a process to market its North Sea business for a potential sale.
Its portfolio includes oil assets Glen Lyon, Clair and Clair Ridge to the west of Shetland.
Oil from the Clair fields travels by pipeline to Sullom Voe Terminal (SVT) in Shetland.
Back in 2019 it was revealed that a review was being undertaken on the export of oil from the Clair field around 75 kilometres to the northwest of Shetland, and last year it was confirmed that discussions were still ongoing.
Also included in the North Sea portfolio are Andrew and ETAP in the Central North Sea.
The decision forms part of BP’s ongoing portfolio review and reflects its “disciplined approach to capital allocation”.
BP, which has been operating in the North Sea for many decades and formerly operated SVT, said the aim is to create 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 recognises that value.”
In 2025 BP employed 13,962 people in the UK, including around 1,100 in its North Sea business.
Scottish energy minister Stephen Gethins, who visited Shetland this week, said the announcement “will cause uncertainty for workers”.
“The Scottish Government is ready to engage with BP and other partners to understand the impacts of the sale process and to support the workforce.
“Scotland’s future prosperity – and our contribution to energy security – are reliant on North Sea energy production and, crucially, the skills and experience of that workforce, not least in the North East.
“We need to see a parallel track approach to the energy transition, in which North Sea oil and gas production is managed alongside the increasing deployment of renewables.
“What is happening at the moment is that reserved policies such as the energy profits levy are driving an accelerated decline of North Sea oil and gas before renewables are fully ready to meet our energy needs.
“The UK Government needs to take urgent action to protects jobs, energy security and investment in our energy sector.”
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