00:00British oil and gas giant BP said on Friday that it had launched a process to market its
00:06North Sea business for a potential sale as it looks to focus on its, quote, highest value
00:13opportunities. According to a statement, BP said it believes their North Sea business
00:19will be better positioned as part of another company. The announcement came a day after
00:25new UK Prime Minister Andy Burnham signaled that he could take a more flexible approach
00:31to North Sea oil and gas production amid concerns about the UK's energy security and volatile
00:38global energy markets. It also comes amid US President Donald Trump's repeated call on
00:44Britain to ramp up oil and gas production in the North Sea. On Thursday, Burnham said he
00:51intended to take, quote, a pragmatic approach to developing and using the region's resources.
00:58BP's North Sea portfolio of the UK coast comprises five production hubs and employs some 1,100 people.
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