BP is putting its North Sea business up for sale and outlined plans to reduce its portfolio and staff.

A review of BP's operations, as the company seeks to boost its profits from a smaller more focussed structure, has also raised concerns that its remaining renewable operations could be sold or curtailed.

Business in the North Sea business has been another political football, with DESNZ having been against more licences, whilst incoming PM Andy Birgam has signalled a more liberal approach. Meanwhile ‘windfall taxes’ have varied. Much will be made of this part of the story by some.

But it is in the renewable that the raises some concern, as BP has been cutting additional spending on its renewables projects for several years and redirecting capital toward oil and gas, a trend that seems to be likely to continue after this latest news.

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