BP held talks to sell North Sea assets for 2 billion pounds
BP held talks to sell its UK North Sea assets to Ithaca Energy for nearly 2 billion pounds. While the talks failed, BP continues to explore divestment options.
BP PLC held advanced talks to sell its United Kingdom North Sea assets to ITHACA ENERGY PLC for nearly £2 billion ($2.69 billion). The negotiations failed in recent weeks, though BP continues to explore options with other competitors. The Financial Times reports these divestments occur as BP pivots toward a leaner structure and debt reduction.
### North Sea Portfolio Under Review The proposed deal involved five production hubs, including the Clair oilfield, the largest on the UK continental shelf. While the Financial Times reported the collapse of talks on Tuesday, people familiar with the matter said BP remains open to a sale.
