BP held talks to sell £2bn of UK North Sea oil assets to Ithaca Energy, continuing exploration of a deal despite previous failed discussions. The oil giant remains focused on divesting these properties as part of its strategic portfolio reduction in mature fields.

Meg O'Neill, BP's CEO, is advancing this asset sale as part of her broader restructuring initiative aimed at simplifying the company's operations. The potential transaction represents a significant step in BP's efforts to streamline its portfolio and focus on more profitable ventures globally.

The UK North Sea has become increasingly attractive to smaller operators as larger oil majors reduce exposure to declining regions. A successful deal would mark one of the largest North Sea divestments this year, reshaping the region's competitive landscape.