BP to sell North Sea business; AI companies lead record surge on Korea’s stock market

Live, rolling coverage as British oil company looks for buyer amid political dispute over future drilling licences

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BP has put its North Sea oil business up for sale, saying it will try to find a buyer amid a political dispute over whether the UK government should allow more drilling.

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.

The North Sea remains integral to the UK’s energy system. However, as we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company. It has world-class people, resilient assets and a proud heritage, and it is precisely these qualities that can attract an owner ready to back its next chapter. We are seeking an outcome that recognises that value.

I indicated in the phone call that we had, a week last Monday, that I would take a pragmatic approach when it comes to the North Sea, and that is my intention as we go forward from here.

There is a resource there. When people are struggling, we can’t ignore that. Hence, me indicating that to the president.

Although we believe the AI buildout still has legs, we expect burned leveraged traders in Korea to continue to exit the market, keeping it under pressure. That’s sufficient reason to lower our weight on the broader emerging market complex to neutral.

10am BST : Eurozone inflation rate (July; previous: 2.8%; consensus: 2.9%)

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Indexed and credited by AIPROPX. Originating outlet: The Guardian. Open at source →