BP to sell North Sea business; AI companies lead record surge on Korea’s stock market – business live
BP has announced plans to sell its North Sea oil business as part of a strategic portfolio review to focus on higher-value assets. The move comes amid ongoing political debate in the UK regarding the expansion of fossil fuel extraction.
Why it matters
The divestment highlights the shifting priorities of major energy firms and the political tension surrounding the UK's energy transition and North Sea drilling policies.
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BP has put its North Sea oil business up for sale, saying it will try to find a buyer amid a political dispute over whether the UK government should allow more drilling.
Prime minister Andy Burnham on Thursday signalled that he would be open to more extraction in the North Sea, although he did not make clear if that would mean new licences or allowing expanded use of existing wells.
BP, one of the biggest companies on the FTSE 100, said it was selling the North Sea business as part of an ongoing portfolio review under American chief executive Meg O’Neill. The American was appointed in December with a remit to refocus the company after a tumultuous period of three chief executives in three years .
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