BP Puts North Sea Business Up for Sale

BP confirmed it has begun a formal process to sell its UK North Sea business, marking the end of 60 years of production in the basin.

Chief Executive Meg O'Neill said the business would be 'better positioned as part of another company' as BP focuses on its core operations and debt reduction.

The decision puts approximately 1,100 jobs at risk and has drawn criticism from industry figures and politicians.

The sale is part of a wider restructuring under O'Neill, who took over earlier this year.