BP 'to divest all North Sea assets' in dramatic attempt to reduce its costs Oil company is looking to axe £9.5bn in spending in order to sustain profitability amid the costs of the US oil spill Embattled BP is to cut costs by $14bn (£9.5bn) in six months as part of a radical plan to sustain profitability in the wake of the explosion at its Deepwater Horizon oil rig that has led to the worst spill in US history. Well-placed City sources say that BP is planning to sell its remaining North Sea interests as well as stakes in dozens of exploration and production projects where it does not exercise overall control. The board will also consider whether to sell its 1.4% stake in Rosneft, Russia's largest oil company, which it acquired at the time of Rosneft's 2006 flotation for $1bn. But there is no question of BP selling out of its Russian joint venture with TNK, as that operation accounts for 25% of its worldwide resources and around 10% of profits. BP's British and European assets account for little more than 4% of its
