BP is selling its 60-year North Sea oil business, a unit operating five production hubs and about 1,100 workers, with the sale expected to fetch up to £2 billion. UK PM Andy Burnham’s pragmatic stance on more North Sea drilling, together with oil volatility above $110/barrel earlier this year, could shift energy sentiment and broader risk assets, potentially affecting crypto and tokenized energy products, but it is a mixed signal for adoption and price.

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In Brief

BP puts its 60-year-old North Sea oil business up for sale.
PM Andy Burnham calls North Sea oil a resource UK can't ignore.
The sale could fetch BP up to £2 billion from a buyer.

BP is putting its North Sea oil business up for sale, ending 60 years of regional production. The UK’s new prime minister is already signaling openness to more drilling there.

BP confirmed the decision Friday after reviewing its global operations. The unit runs five production hubs and employs about 1,100 workers.

A Political Backdrop

The sale lands as political pressure builds on the government to loosen drilling restrictions. Prime Minister Andy Burnham took over after Starmer’s resignation in June. He told US President Donald Trump this week he would take a “pragmatic approach” to North Sea oil and gas.

“There is a resource there. When people are struggling – you can’t ignore that.”

— Andy Burnham, BBC News

The comments follow months of debate. The Iran war pushed oil prices past $110 a barrel earlier this year. That surge revived calls for expanded drilling from Conservatives, Reform UK, and Trump himself.

Prime Minister Andy Burnham has said the UK will take a "pragmatic" approach to North Sea oil and gas, after President Donald Trump claimed Burnham told him Britain would "open up the North Sea" for new drilling. Burnham confirmed he told Trump the UK "can't ignore" its existing pic.twitter.com/Nhje4Kun4c
— IBTimes UK (@IBTimesUK) August 1, 2026

Some Labour MPs want a looser approach. Others, including former energy secretary Ed Miliband, still defend the party’s pledge against new licenses.

A Sale, Not an Exit

BP CEO Meg O’Neill framed the sale as part of a shift toward BP’s “highest-value opportunities.” BP’s global headquarters will stay in the UK, where the company employs about 13,960 people.

The sale could fetch BP up to £2 billion, according to earlier reporting on failed talks with Ithaca Energy.

Energy Secretary Miatta Fahnbulleh said she was staying in close contact with BP. Her priority is protecting workers and the local community during the sale.

Whether Burnham’s shift in tone leads to new licenses before a buyer arrives remains uncertain.

Read the article at BeInCrypto