The Real Reason BP Is Retreating From the North Sea
2 Articles
2 Articles
The Real Reason BP Is Retreating From the North Sea
BP is still considering a sale of all or part of its UK upstream portfolio, which could fetch around £2 billion ($2.7 billion), though talks of a sale to Ithaca Energy fell through earlier this month, according to reports by Bloomberg and the Financial Times. We think the information is credible. A sale would fit the group’s strategic direction, and the company is an outlier in the UK, where other majors have either sold down or formed joint ven…
BP continues to consider the sale of all or part of its portfolio of exploration and production assets (upstream) in the United Kingdom, an operation that could reach a value of close to £2 billion (US$2.7 billion).However, talks for a sale to Ithaca Energy failed earlier this month, according to Bloomberg and the Financial Times. Related:BP reorganizes its internal structure and strengthens the oil and gas business following the dismissal of it…
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