PRESS: BP held talks to sell UK North Sea assets to Ithaca Energy - FT

Wed, 03rd Jun 2026 11:49

(Alliance News) - BP PLC held advanced talks about selling its UK North Sea assets to Ithaca Energy PLC in a deal that would have been worth nearly GBP2 billion, the Financial Times reported on Tuesday.

The talks with oil and gas producer Ithaca failed in "recent weeks", but BP is still exploring a deal and may pursue a transaction with other competitors, according to "people familiar with the process", the newspaper said.

BP and Ithaca already jointly operate the Vorlich oilfield east of Aberdeen, Scotland.

London-based oil major BP is undergoing a leadership transition, after last week's sacking of Chair Albert Manifold, who joined BP in October.

His first major decision involved the equally sudden removal last year of Chief Executive Officer Murray Auchincloss, who was replaced with Meg O'Neill.

BP's board has appointed Ian Tyler as interim chairman and launched a search process for a permanent replacement.

CEO O'Neill previously said she saw "untapped potential" in the UK North Sea, and warned against new windfall taxes on the sector.

BP is currently restructuring itself and weighing a range of sales across its portfolio, the FT reported, including some of its petrol station networks and its renewable energy businesses.

BP and Ithaca declined to comment to the FT.

Shares in BP were up 1.7% at 545.60 pence on Wednesday morning in London. Ithaca Energy shares were 1.9% higher at 235.20p.

By Michael Hennessey, Alliance News reporter

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