BP Sells North Sea Oil Business as UK PM Eyes New Drilling
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!
A welcome pack worth 6200 USDT for new users! Sign up now!
BP is putting its North Sea oil business up for sale, ending 60 years of regional production. The UKs new prime minister is already signaling openness to more drilling there. BP confirmed the decision Friday after reviewing its global operations. The unit runs five production hubs and employs about 1,100 workers.
A Political Backdrop
The sale lands as political pressure builds on the government to loosen drilling restrictions. Prime Minister Andy Burnham took over after Starmers resignation in June. He told US President Donald Trump this week he would take a pragmatic approach to North Sea oil and gas.
There is a resource there. When people are struggling you cant ignore that.
Andy Burnham, BBC News
The comments follow months of debate. The Iran war pushed oil prices past $110 a barrel earlier this year. That surge revived calls for expanded drilling from Conservatives, Reform UK, and Trump himself.
Some Labour MPs want a looser approach. Others, including former energy secretary Ed Miliband, still defend the partys pledge against new licenses.
A Sale, Not an Exit
BP CEO Meg ONeill framed the sale as part of a shift toward BPs highest-value opportunities. BPs global headquarters will stay in the UK, where the company employs about 13,960 people. The sale could fetch BP up to 2 billion, according to earlier reporting on failed talks with Ithaca Energy. Energy Secretary Miatta Fahnbulleh said she was staying in close contact with BP. Her priority is protecting workers and the local community during the sale. Whether Burnhams shift in tone leads to new licenses before a buyer arrives remains uncertain.
0
0
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!
You may also like

India Gold price today: Gold rises, according to FXStreet data
FXStreet•2026/09/09 04:36
Avolta launches stablecoin wallet-to-wallet payments pilot at Zurich Airport duty-free store
Reuters•2026/09/09 04:33
Solana’s price finally turns green after 10 months — What next?
AMBCrypto•2026/09/09 04:33

Crypto prices
MoreBitcoin
BTC
$78,869.79
+0.05%
Ethereum
ETH
$2,497.42
+0.63%
Tether USDt
USDT
$0.9998
+0.02%
BNB
BNB
$751.18
+0.94%
XRP
XRP
$1.43
+2.47%
USDC
USDC
$0.9999
+0.01%
Solana
SOL
$103.92
+0.71%
TRON
TRX
$0.3385
+1.08%
Hyperliquid
HYPE
$85.67
+1.67%
Zcash
ZEC
$1,210.7
+7.31%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now