BP boss is unsentimental in pruning portfolio and clear on North Sea advice to Burnham
BP CEO Meg O'Neill is aggressively restructuring the company's portfolio by selling off non-core assets, including North Sea oil operations and the biogas firm Archaea. This strategy aims to reduce debt and prioritize capital efficiency over the previous management's focus on rapid green energy expansion.
Why it matters
The shift reflects a broader trend among major energy companies balancing the transition to net-zero with the immediate financial pressures of debt reduction and investor demands.
BP’s Eastern Trough Area Project oil platform about 100 miles east of Aberdeen. BP has put its North Sea oil and gas business up for sale. Photograph: Reuters BP’s Eastern Trough Area Project oil platform about 100 miles east of Aberdeen. BP has put its North Sea oil and gas business up for sale. Photograph: Reuters Nils Pratley on finance BP BP boss is unsentimental in pruning portfolio and clear on North Sea advice to Burnham Nils Pratley Meg O’Neill is overseeing rapid clearing of the decks at BP after strategic muddle of recent years, with ‘message’ for new PM
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