BP is reviewing its UK North Sea assets for potential divestment, as the oil giant works to strip assets and pay down debt. The review could see London-listed BP exit part or all of its operations in the region, which might fetch around £2 billion ($2.7 billion) in a full sale.

BP's potential North Sea exit comes as the company targets $20 billion in divestments by end of 2027. The oil giant has already shrunk its presence in the region over the last decade, including selling its interest in the Shearwater field to Shell and the Forties pipeline system to Ineos. BP still holds a 45% stake in the Clair Field.

The potential disposals could represent some of the first major moves by Meg O'Neill, BP's new CEO who took the position in April. O'Neill's strategy focuses on identifying assets that "might be of greater value in someone else's hands" amid pressure from activist shareholders. BP's shares have risen two-thirds in London trading over the last 12 months, with a market cap of around £90 billion.