BP in talks to sell North Sea production assets

BP has begun talks to sell its North Sea oil and gas production assets, according to reports on Thursday.

The FTSE 100 oil giant had approached a number of potential buyers, putting the full range of its currently producing assets in on the block, the Wall Street Journal reported.

The discussions are at an early stage, the WSJ sources said, and the value of the assets has not been made clear.

BP is also considering selling is Canadian tar sands to pivot its focus to exploiting existing assets - something the company’s accountants would no doubt be grateful for as well.

In the wake of a two-year slump in the oil market, BP is looking to sell off $4.5-5.5bn of assets this year as part of a global portfolio overhaul that also aims to reduce reliance on the capital-intensive end of oil production.