India, July 31 -- BP Plc (BP) the British oil company, is putting its UK North Sea oil and gas business up for sale as Chief Executive Meg O'Neill accelerates a broader strategy to streamline the company's portfolio and focus investment on higher-return assets.
The move would mark the end of BP's more than 60-year presence as an operator in the North Sea. The business includes five production hubs and produced about 117,000 barrels of oil equivalent per day last year, accounting for around 5 percent of the company's total output.
BP said it will continue operating the assets during the sale process while retaining its UK aviation fuel business, retail network, trading operations and London headquarters.
Analysts estimate the portfolio co...