BP sells North Sea business, plans to cut 700 jobs

en.Wedoany.com Reported - BP has launched the sale process for its North Sea operations, as new chief executive Meg O'Neill accelerates a portfolio overhaul aimed at reducing debt and streamlining the company's structure.

UK Prime Minister Andy Burnham previously stated that a pragmatic approach would be taken toward developing and using North Sea oil and gas resources, a stance adopted after Donald Trump announced the opening of the basin.

The North Sea remains a vital part of the UK's energy system. O'Neill said in a press release that as the company focuses on its portfolio and directs capital toward the most valuable opportunities, the North Sea business may be better positioned under different ownership.

BP has operated in the North Sea for over 60 years, with five major production hubs in the region, including Clair, the largest oil field on the UK continental shelf.

The company has stepped up efforts to reduce debt and boost profits after scaling back investments in renewable energy.

Since O'Neill took full control in April, BP has been restructured into two business divisions—upstream and downstream—a change completed this week. According to an internal BP email disclosed on Thursday, the company plans to cut 700 jobs.