Market Chatter: BP North Sea Asset Sale Talks With Ithaca Fail

MT Newswires Live06-03

BP (BP) held advanced talks to sell its UK North Sea assets to Ithaca Energy in a nearly 2 billion British pounds ($2.7 billion) deal, though negotiations failed in recent weeks, with the oil major still exploring a sale to other potential buyers, the Financial Times reported Tuesday, citing people familiar with the matter.

BP's UK North Sea fields produce around 120,000 barrels per day out of the company's 2.3 million total, and it already jointly operates the Vorlich oilfield with Ithaca, a subsidiary of Israel's Delek Group.

The potential sale is part of BP's broader restructuring under new CEO Meg O'Neill, who has pledged $20 billion in divestments by 2027 under pressure from activist hedge fund Elliott Management, according to the report.

BP did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 43.41, Change: +0.47, Percent Change: +1.08

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