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UK oil giant is considering either ceasing or partially winding down operations in the North Sea.
BP is considering a full or partial divestment of its North Sea assets to raise £2bn.
KEY POINTS
- 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
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