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EnQuest CEO Confirms Interest in Acquiring BP's North Sea Oil and Gas Portfolio
Energy Minerals · Oil & Gas Production · cnbc · 2026-09-03
BP, ENQ-GB
EnQuest CEO Amjad Bseisu has expressed interest in purchasing BP's North Sea assets, as the energy giant looks to divest its long-standing U.K. operations.
What Happened
Potential Acquisition Interest: EnQuest CEO Amjad Bseisu confirmed the company's interest in acquiring BP's North Sea oil and gas assets during a recent interview. This follows BP's late July announcement regarding its intention to offload its U.K. North Sea business after six decades of operations.
Strategic Regional Focus: EnQuest, which maintains a primary operational footprint in the U.K. Continental Shelf, views the region as holding significant ongoing potential. Bseisu noted that only a limited number of industry players possess the capacity to absorb such a substantial portfolio of production hubs.
Energy Policy and Market Context: The CEO emphasized that the U.K.'s increasing reliance on energy imports has contributed to rising costs for the nation. He urged the government to provide greater support for domestic resource development to bolster energy security and economic stability.
Financial and Operational Performance: EnQuest recently reported an adjusted pre-tax profit of $54.6 million for the first half of the year, supported by revenues of $529.9 million and a 9% increase in production. The company has a history of collaboration with BP, having previously acquired a stake in the Magnus oil field in 2017.