PRESS: BP's North Sea business in sight of Adura, NEO Next+

BP PLC's North Sea business would be under consideration from potential buyers including Adura and NEO Next+, Bloomberg reported on Wednesday.

Bloomberg cited "people familiar with the matter," noting that other interested parties included EnQuest PLC, Harbour Energy PLC, Ithaca Energy PLC, Serica Energy PLC and Var Energi ASA.

Adura is a joint venture between Equinor ASA and Shell PLC, while NEO Next+ is backed by TotalEnergies SE, Repsol SA and HitecVision. Both companies already have assets in the North Sea.

Talks are ongoing and it is not assured that any of the parties will proceed with offers, Bloomberg said.

BP said in July that it was putting its North Sea business up for a "potential sale" as part of its ongoing portfolio review.

BP's Chief Executive Officer Meg O'Neill said: "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."

BP's North Sea business includes five production hubs - two in the central North Sea and three west of Shetland - and produced 117,000 barrels of oil equivalent per day in 2025, PA previously reported.

Some 1,100 staff work for the North Sea business, part of BP's approximately 13,960-strong UK workforce.

A full divestment would be worth about £2 billion, according to reports from Bloomberg and the Financial Times.

In July, UK Prime Minister Andy Burnham told US President Donald Trump he would take a "pragmatic approach" to the North Sea, suggesting his administration could allow future drilling, despite Labour's 2024 manifesto stating that the party would not issue new licences there.

O’Neill said in early August that any further changes in UK government policy would not change her decision to sell, Bloomberg reported at the time.

Possible bidder Adura previously said the group’s priority was securing consent for its North Sea projects, Jackdaw and Rosebank.

In August, Burnham faced calls from environmental campaigners not to allow production at these sites after droughts and heatwaves hit the UK this summer, but the BBC and The Guardian reported that the Jackdaw gas field could be given the green light as soon as this month, while the Rosebank oil field would likely receive it in the coming months.

BP shares rose 1.5% to 558.10 pence on Wednesday in London.

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