# BP offshore asset divestments

> Live situation record from CLSTR: https://clstr.news/situations/bp-offshore-asset-divestments
> Updated: 2026-08-01T08:04:54.000Z. Sources: 5. Developments: 2.

In early July 2026, BP announced it would sell its stake in the Bay du Nord offshore project to Equinor, marking the company's exit from the Canadian offshore sector.

A few weeks later, in early August 2026, BP disclosed plans to sell its entire North Sea oil and gas business. The divestiture includes five production hubs—two in the central North Sea and three west of Shetland—affecting roughly 1,100 employees and generating about 117,000 barrels of oil‑equivalent per day in 2025. New chief executive Meg O’Neill framed the move as part of a portfolio‑focused strategy, estimating proceeds of around £2 billion. Government officials in the UK indicated they would work to protect workers and local communities during the process.

## Timeline

### 2026-08-01: BP announces sale of North Sea oil and gas business

BP will sell its North Sea oil and gas assets, a deal that could fetch £2 bn and affect about 1,100 jobs, as the company refocuses its portfolio under CEO Meg O’Neill.

5 sources. https://clstr.news/cluster/bp-announces-sale-of-north-sea-oil-and-gas-business

### 2026-07-06: BP sells Bay du Nord stake to Equinor, exiting Canadian offshore project

BP has sold its 37.2% share in Canada's Bay du Nord offshore oil project to Equinor, exiting the venture as part of a portfolio shift; the project aims for first oil by 2031 and faces criticism over its viabl​​

6 sources. https://clstr.news/cluster/bp-sells-bay-du-nord-stake-to-equinor-exiting-canadian-offshore-project

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Cite as: BP offshore asset divestments. CLSTR, https://clstr.news/situations/bp-offshore-asset-divestments