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BP is exiting the North Sea as it puts the business up for sale, ending 60 years of production in the basin.

The oil major said it had launched a process to market the North Sea business for a potential sale, as it looks to streamline its portfolio.

Chief executive Meg O’Neill, said: ‘The North Sea remains integral to the UK's energy system. However, as we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company.’

Earlier this year, BP held talks with Ithaca Energy over a near £2billion deal for the North Sea business but no agreement was made.

BP operates five key production hubs in the North Sea region, including the Clair oilfield, the largest on the UK continental shelf.

BP will exit the North Sea, putting its business up for sale after 60 years of operations

O’Neill, who took charge in April, is leading a reorganisation of BP’s business, and has cut billions of dollars from planned renewable energy projects.

BP’s planned move out of the North Sea comes after the Prime Minister promised a ‘pragmatic’ approach to drilling in the region following a call with President Donald Trump.

Andy Burnham said: ‘There is a resource there. When people are struggling, we can’t ignore that.’

This is a developing story

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