BP PLC is advancing plans to divest its North Sea portfolio, which includes five production hubs. The total divestment is valued at approximately £2 billion.
Potential buyers include Adura, a joint venture between Equinor and Shell. NEO Next+, backed by TotalEnergies, Repsol, and HitecVision, has also expressed interest in the assets.
The company initially announced the sale during a July portfolio review. Management cited fluctuating UK oil and gas policies as the primary reason for the region's declining appeal.
BP shares rose 1.5% in London on Wednesday. This increase followed crude oil prices climbing above $100 per barrel.