Oil giant BP launches sale process for North Sea business

LONDON, July 31 (Xinhua) -- Oil giant BP announced Friday that it is launching a process to explore a potential sale of its North Sea business, as part of a broader effort to focus investment on higher-value opportunities.

"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," BP Chief Executive Officer Meg O'Neill said in a statement.

O'Neill said BP is seeking an outcome that recognizes the value of the business, which she described as having "world-class people, resilient assets and a proud heritage."

BP said it will continue to operate the business safely and reliably throughout the sale process and maintain deliveries to customers, partners and stakeholders.

The oil giant's North Sea business includes five production hubs, two in the central North Sea and three west of Shetland, and employs about 1,100 people.

The announcement came amid renewed debate over the future of North Sea oil and gas production in Britain.

Earlier this week, Britain's new Prime Minister Andy Burnham said he had told U.S. President Donald Trump that his government would take a "pragmatic approach" to the issue of North Sea oil and gas.

Trump, several trade unions, industry figures and some Labour lawmakers have called for increased drilling in the North Sea.

The North Sea has been a cornerstone of Britain's oil and gas industry for decades, but the sector has faced mounting pressure from declining output, energy transition policies and changing investment priorities. ■