Energy crisis as BP floats ditching North Sea after windfall tax raid on oil profits

1 sources1 storiesFirst seen 5/2/2026Score27Mixed Progress

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BP is understood to be floating a complete withdrawal from the North Sea under a strategic review launched by its recently appointed chief executive, Meg O'Neill.The energy giant's offshore operations could be sold for as much as £2billion, potentially bringing to a close more than six decades of activity in British waters.Ms O'Neill, who assumed leadership of the company last month, is reportedly examining whether to dispose of all or part of BP's UK offshore business.Such a move could also clear the path for the firm to shift its stock market listing to the United States.

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No final decision has been reached on any disposal, according to reports first published by Bloomberg.A BP spokesman declined to address speculation about a company-wide review when approached by The Telegraph.

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