BP Eyes £2 Billion North Sea Exit, Shares Rise

BP is advancing plans to sell its North Sea assets for approximately £2 billion. The divestment follows a portfolio review influenced by shifting UK tax policies and exploration restrictions.

Adura, a joint venture between Shell and Equinor, has reportedly shown interest in the assets. NEO Next+, backed by TotalEnergies and Repsol, is also cited as a potential suitor.

BP shares rose 1.5% in London trading on Wednesday following the reports. The stock reached a price of 558.10 pence.