BP has announced that it is putting its U.K. North Sea business up for sale, a move that could signal the end of oil production in the country after 60 years. The company said it will market the assets to potential buyers as it refocuses spending on higher‑returning projects elsewhere.

The portfolio includes five production hubs located across the central North Sea and west of the Shetland Islands. BP is reviewing its asset mix as part of a strategic shake‑up aimed at boosting profits and shareholder returns. The firm has lagged behind peers and is now investing more in its core oil and gas operations to catch up.

By selling the North Sea assets, BP aims to free capital for growth opportunities in other markets. Potential buyers include major oil majors and investment funds, with a target to complete the transaction by the end of the year. The sale could also reshape the U.K. energy landscape, reducing the country’s domestic output and shifting focus to renewable and offshore wind projects.

Investors and industry analysts are watching closely to see how the divestment will affect BP’s long‑term strategy and the broader U.K. oil sector.