Sources familiar with the matter indicate that BP Plc (NYSE: BP)'s North Sea operations have drawn interest from potential buyers including Adura and NEO Next+. The oil major is moving forward with its exit from the basin, despite signals from the UK government that it might permit additional drilling activity in the region.

According to insiders, other prospective bidders that could examine these assets include EnQuest Plc, Harbour Energy Plc, Ithaca Energy Plc, Serica Energy Plc, and Var Energi ASA. Reports from May indicated that BP had been weighing the sale of its North Sea business, with an outright divestiture potentially valuing these assets at around 2 billion pounds (approximately $2.7 billion). Adura is a joint venture established by Equinor ASA and Shell, while NEO Next+ counts TotalEnergies, Repsol SA, and HitecVision among its backers.

The North Sea's appeal to the oil industry has diminished, due in part to UK tax policies targeting the sector and government restrictions on exploration and development of new projects. BP CEO Murray Auchincloss stated in an August interview that the repeated reversals in UK oil and gas policy were significant factors behind the decision to leave the North Sea.

Sources noted that deliberations are still ongoing, and there is no certainty that any interested parties will proceed with formal bids. Some potential suitors, including Var Energi and Harbour Energy, have previously expressed skepticism about investing in the North Sea. A spokesperson for Adura said the group's primary focus is securing approval for its Jackdaw and Rosebank projects located in the North Sea.

Andy Burnham, who assumed the role of UK Prime Minister in July, has hinted that his administration might allow more drilling in the basin. However, Auchincloss said in August that any further policy adjustments would not sway his decision to sell the assets.

On a broader scale, BP has been actively working to divest assets and reduce debt. Since late last year, the company has agreed to sell a majority stake in its Castrol lubricants division for $6 billion and has reached a deal to offload its Gelsenkirchen refinery in Germany to the Klesch Group. Last month, the company announced it had initiated the process to sell its US biogas operation, Archaea Energy.