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BP Chief Executive Meg O’Neill Announces Sale of North Sea Oil and Gas Business

Meg O’Neill, the new chief executive of BP, has launched a formal process to market the company's North Sea oil and gas business for a potential sale. This move marks the end of six decades of production in the basin, where BP has been active since 1964. The administration announced that the North Sea is a vital national asset, with Energy Secretary Miatta Fahnbulleh stating that the government will take a pragmatic approach to ensure workers and local communities are protected during the sale process. O’Neill stated that while the North Sea remains integral to the UK's energy system, the company aims to simplify its portfolio and direct capital toward its highest-value opportunities. The sale comes as the company seeks to cut debt levels. BP will retain its UK aviation fuel distribution business, retail sites, and London headquarters. Market analysts have described the sale as a watershed moment, suggesting that BP is prioritizing immediate energy needs over waiting for long-term government policy shifts.

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