BP is weighed down by North Sea UK assets. The hostile regulatory and taxation framework prevents meaningful investment and assets are entering a phase of operation that is not in BP’s wheelhouse. Meg will realize just like she did at Woodside that when assets reach a particular inflection point divestment even at a perceived loss creates a positive outcome for the company.
What assets need to be offloaded first? For transparency have BP UK sanctioned suspect projects with the intention of maintaining leverage and employment at the consequence of capital destruction?