# UK oil giant is considering either ceasing or partially winding down operations in the North Sea.

*aerospace · news · 2026-05-05 · OilPrice*

## Key points

- BP is considering a full or partial divestment of its North Sea assets to raise £2bn.
- BP's decision to exit the North Sea is driven in part by high UK tax rates of 78%.
- Other major oil firms such as Chevron and ConocoPhillips have already divested North Sea assets.
- Government plans to end the Energy Profits Levy by 2030 or earlier if price conditions are met.

**Companies:** BP, Chevron, ConocoPhillips, Shell, Exxon Mobil, Total Energies
**Countries:** UK

[Read the full story on OilPrice](https://oilprice.com/Energy/Energy-General/BP-Considers-Retreat-From-North-Sea-Amid-Mounting-Tax-Pressures.html)

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