BP Launches Sale of North Sea Business and Cuts 700 Jobs
BP is selling its North Sea operations to redirect capital toward higher-value projects, a move that includes cutting 700 jobs and sparking government criticism.
The energy supermajor BP announced on August 1, 2026, that it has launched a process to sell its North Sea business. The divestment includes five production hubs and is part of a broader portfolio review to simplify operations and redirect capital toward higher-value, high-return projects outside the United Kingdom. The company plans to cut 700 of its approximately 1,100 employees in the region, citing a potential oversupply of oil and gas.
This decision makes BP the last oil supermajor to maintain its original UK North Sea assets after similar exits by Shell, Equinor, and TotalEnergies. Reports indicate that BP has held advanced talks with Ithaca Energy regarding a potential acquisition valued at £2 billion.
The move has drawn sharp criticism from the Aberdeen & Grampian Chamber of Commerce, which pointed to punitive taxation and policy uncertainty as drivers for the exit. The chamber urged the UK government to intervene to prevent further job losses. Prime Minister Andy Burnham now faces pressure to restore investor confidence and replace the Energy Profits Levy with an Oil & Gas Revenue Levy to stabilize the struggling energy sector.
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