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.
00:23The announcement came a day after new UK Prime Minister Andy Burnham signalled that he could
00:29take a more flexible approach to North Sea oil and gas production amid concerns about
00:35the UK's energy security and volatile global energy markets. It also comes amid US President
00:42Donald Trump's repeated call on Britain to ramp up oil and gas production in the North Sea.
00:48On Thursday, Burnham said he intended to take, quote, a pragmatic approach to developing and
00:55using the region's resources. BP's North Sea portfolio of the UK coast comprises five production
01:03hubs and employs some 1,100 people.
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