BP Puts North Sea Business Up for Sale

BP has launched a formal sale process for its UK North Sea oil and gas business, ending six decades of production in the basin.

The move is part of new CEO Meg O'Neill's strategy to simplify the company and cut debt, putting around 1,100 jobs at risk.

The announcement came as Prime Minister Andy Burnham backed tapping North Sea resources and Scottish First Minister John Swinney called on the UK Government to ditch the Energy Profits Levy, arguing it is hurting Scotland.

The sale signals the accelerating retreat of major oil companies from the ageing basin.