BP sells its North Sea business as CEO urges overhaul

BP launched a formal process to sell its North Sea operations on Friday as the new CEO Meg O'Neill accelerates a portfolio overhaul aimed reducing debt and simplifying BP.

The British Prime Minister Andy Burnham had said earlier that he would "take a pragmatic" approach in developing and using the oil and gas resources of?the North Sea. He was expressing his position following Donald Trump's announcement that this basin would be?opened up.

The North Sea is still a vital part of the UK's energy system. As we 'focus our portfolio and direct our capital to our most-valued opportunities', we believe that our North Sea business would be better positioned if it were part of another company,' O'Neill stated in a press release.

BP has been working in the North Sea since?more? than 60 years. It operates five major production centers in the area, including Clair, the?largest oilfield on the UK continental shelves.

After reducing its investment in renewables, the company has increased its efforts to reduce debt and boost profits.

BP reorganized into two business sectors -- upstream and downstream -- since O'Neill's?overall?takeover in April. This change took place?this week.

A BP internal email viewed on Thursday revealed the company's plans to cut 700 jobs.

(source: Reuters)