Bloomberg News reports that BP is considering a possible exit from the UK North Sea.

Bloomberg News reported Friday that BP is considering selling some or all its UK North Sea assets as part of a broader initiative to reduce debt and refocus the company on oil and gas projects with higher returns.

According to the report, the company is currently conducting an internal review on its UK upstream operations. These could fetch around 2 billion pounds ($2.72billion) if they were sold in full. However, the plans are not final, and may not materialise.

BP didn't immediately respond to a'request for comments. Its shares?closed just over 2% lower on Friday, amid broader market weakness resulting from the Iran war negotiations. The FTSE 100 was 0.1% lower.

Meg O'Neill was appointed CEO of the group last month. The money will be used to reduce the debt and redirect investment into oil and gas projects, where the group expects better returns after an unsuccessful foray in renewables.

In February, BP announced that it would stop buying back shares.

According to its website, BP operates five major?production hubs, including the Clair Oilfield, the largest oilfield on the 'UK continental shelf.

In a $232-million deal, last?year the company sold its share in certain North Sea assets.

Other?firms like Chevron and Shell have either sold or restructured the assets they own in the basin.

(source: Reuters)