BP’s North Sea Assets Attract Multiple Suitors, Bloomberg Reports

BP’s North Sea oil and gas operations have attracted interest from a string of potential buyers, Bloomberg reported on Wednesday, citing people familiar with the matter, as the British energy major presses ahead with efforts to streamline its upstream portfolio.

Among the parties said to be studying the assets are Adura, the North Sea-focused joint venture between Equinor and Shell, and NEO Next+, an entity backed by TotalEnergies.

Other potential bidders that could examine the business include EnQuest, Harbour Energy, Ithaca Energy, Serica Energy and Var Energi, according to Bloomberg’s sources. The people cautioned that deliberations remain at an early stage and there is no guarantee any of the interested parties will ultimately submit formal offers.

The North Sea assets under review are reportedly worth in the region of £2 billion. A sale would mark a further retreat from the mature, high-cost basin as BP works to sharpen its focus on higher-return projects and free up capital, even as the UK government has signalled a somewhat more permissive stance on new North Sea drilling licences.

The report lands as BP shares extend a strong run. The stock rose 1.3% on Wednesday, September 9, 2026, as crude prices pushed higher, with Brent crude currently trading above $101 a barrel. Energy stocks broadly have benefited from the rally, with BP shares trading near multi-month highs in London.

Investors will be watching for further details on timing and structure of any transaction, as well as how proceeds might be deployed, as BP continues to reshape its asset base against a backdrop of firmer oil prices.