BP Plc said it's starting a process to market its North Sea business for a potential sale, as part of a wider review of the oil major's portfolio.

The move signals a strategic shift for the British energy giant as it evaluates its asset base amid the global energy transition. The North Sea operations have been a cornerstone of BP's upstream portfolio for decades, contributing significantly to its oil and gas production.

Analysts suggest the divestment could attract interest from private equity-backed operators or smaller independents seeking scale in the mature basin. Any transaction would likely include both producing fields and decommissioning liabilities, which have become a focal point for regulators and investors alike.

BP has not disclosed a timeline or valuation for the potential sale. The company emphasized that the process is exploratory and may not result in a transaction. The review reflects broader industry trends as majors reshape portfolios to align with decarbonization goals and shareholder returns.