BP is putting its North Sea oil business up for sale

After 60 years of operating and drilling in the North Sea, British multinational oil titan BP has announced plans to sell off its North Sea business.

As confirmed by BBC News, this decision will affect BP's five production hubs in the region, two of which are in the central North Sea and three west of Shetland, with around 1,100 employees expected to be affected.

Speaking about the decision, BP chief executive Meg O'Neill explained the company's North Sea operations would be "better positioned as part of another company". However, she did also add the following.

"The UK has been our home for more than 100 years and will continue to play an important role in our future. We're proud of the jobs we create, the contribution we make to the UK economy, and the work we do to keep energy flowing every day".

There is no information yet about which companies are in the running to snag BP's operations in the North Sea.