Industry group urges UK action after bp launches North Sea sale process

July 31, 2026

(WO) — Aberdeen & Grampian Chamber of Commerce (AGCC) has called on the UK government to take swift action to restore investor confidence in the North Sea following bp's decision to market its UK upstream business for a potential sale.

Russell Borthwick, the chamber's chief executive, said bp's announcement should serve as a "defining moment" for the country's new prime minister, arguing that years of policy uncertainty and a changing fiscal environment have weakened confidence in the UK Continental Shelf.

"This decision is another stark reminder that confidence in the UK Continental Shelf has been badly shaken after years of policy uncertainty, punitive taxation and mixed messages about the future of the industry," Borthwick said.

The chamber urged the government to move more quickly in replacing the Energy Profits Levy with the proposed Oil & Gas Revenue Levy, including a permanent windfall tax mechanism that would apply during periods of high commodity prices. Borthwick also called for a stable long-term fiscal regime and a regulatory system capable of approving new investments more efficiently.

According to the chamber, bp's decision should be viewed as part of a broader trend of declining investment in the UK offshore sector rather than an isolated portfolio move.

"The North Sea remains one of the UK's greatest strategic assets," Borthwick said. "But unless investors have confidence that Britain is open for business, more capital, more jobs and more expertise will continue to leave."

bp announced Thursday that it has launched a process to market its North Sea business for a potential sale as part of its ongoing portfolio review and capital allocation strategy. The portfolio includes interests in five production hubs: Andrew, ETAP, Glen Lyon, Clair and Clair Ridge.