Insiders have revealed that BP PLC is continuing with its strategy to exit the North Sea oil and gas region, even as the UK government hints at relaxing drilling restrictions in the area. The company's North Sea operations have attracted attention from potential acquirers including Adura and NEO Next+. Sources familiar with the matter, who requested anonymity, indicated that other prospective bidders may also assess these assets, such as EnQuest, Harbour Energy, Ithaca Energy, Serica Energy, and Vale Energy.

Reports from May indicated that BP PLC was evaluating the sale of its North Sea business, with an estimated valuation of around £2 billion (equivalent to $2.7 billion) should a full divestment occur. Adura operates as a joint venture between Equinor and Shell, while NEO Next+ counts TotalEnergies, Repsol, and HitecVision among its investors. The North Sea production region has lost some of its appeal to the oil industry, partly due to the UK's tax policies on oil and gas companies, as well as government restrictions on exploration and development of new projects.

During August, BP PLC Chief Executive Murray Auchincloss cited the volatile nature of UK oil and gas policy as a key factor behind the company's decision to depart the North Sea. According to insiders, negotiations remain in progress, and there is no guarantee that interested parties will submit formal bids. Some potential buyers, including Vale Energy and Harbour Energy, have previously adopted a cautious stance toward North Sea investment.

A spokesperson for Adura stated that the group's current priority is securing approval permits for its North Sea Jackdaw and Rosebank projects. Representatives from BP PLC, EnQuest, Harbour Energy, Ithaca Energy, NEO Next+, Serica Energy, and Vale Energy all declined to comment on the matter. UK Prime Minister Andy Burnham, who assumed office in July, has suggested his government might permit increased drilling activity in the North Sea. However, Auchincloss stated in August that even a policy reversal would not alter the decision to divest these assets.

At the corporate level, BP PLC has been actively divesting assets and reducing its debt burden. Since the end of last year, the company has agreed to sell a majority stake in its Castrol lubricants business for $6 billion and has offloaded its Gelsenkirchen refinery in Germany to Klesch Group. Last month, the company announced it had initiated the process to sell Archaea Energy, its US biogas business.