BP has reportedly put nearly £2billion of North Sea assets on the market after the chancellor’s Budget last week.
George Osborne revealed a widely anticipated plan to end uncertainty over tax relief on the costs of decommissioning or removing platforms and pipes from the North Sea.
BP has reportedly decided to take advantage of renewed interest in assets on the UK continental shelf by launching its biggest auction yet of North Sea interests. The firm declined to comment yesterday.
Meanwhile, Ithaca Energy, which revealed earlier this year that it had received a takeover proposal from an unnamed firm, is said to be in talks with Kuwait’s national oil company, Kuwait Foreign Petroleum Exploration.