Key facts
- BP is exiting the UK North Sea after 60 years as part of a $20 billion portfolio overhaul.
- Harbour Energy acquired Wintershall Dea's upstream portfolio, doubling its output.
- EnQuest is acquiring Malaysian assets from Petronas Carigali for up to $833 million.
- Ithaca Energy is buying Suncor's Newfoundland offshore stakes for $860 million upfront.
- The UK plans to replace the 78% Energy Profits Levy with a 35% Oil and Gas Revenue Levy on revenues above price thresholds.
BP is divesting its entire UK North Sea oil and gas operations, concluding a 60-year presence in the region as part of a significant portfolio restructuring. This move by BP, which produced approximately 117,000 barrels of oil equivalent per day from the North Sea in 2025, follows similar exits or reductions by other major energy companies like Exxon Mobil, Chevron, Shell, and TotalEnergies. The UK North Sea's production has declined substantially over the past two decades, and frequent policy changes and regulatory uncertainty have contributed to the majors' withdrawal. The UK government is planning to replace the current Energy Profits Levy with a new Oil and Gas Revenue Levy, which will tax revenues above specific price thresholds rather than profits. Independent companies such as Harbour Energy, EnQuest, and Ithaca Energy are stepping in to acquire these assets.