BP is exploring the sale of minority stakes in two of its most valuable Gulf of Mexico oil projects — Kaskida and Tiber — as the energy giant recalibrates its strategy to prioritize oil and gas,
BP is exploring the sale of minority stakes in two of its most valuable Gulf of Mexico oil projects — Kaskida and Tiber — as the energy giant recalibrates its strategy to prioritize oil and gas, according to two sources familiar with the matter.
The potential divestments could involve selling up to 50% of each project, which are estimated to be worth billions of dollars, the sources said. Discussions are still in the early stages, and a formal sales process may launch later this year.
The move comes as BP retreats from an earlier pivot toward clean energy, opting instead to double down on traditional oil and gas assets. The company is now open to bringing in partners for Kaskida and Tiber, both of which are fully owned and rank among BP’s most promising ventures in the Gulf.
"If somebody wants to come and make a knockout bid on 25% of Kaskida, we're open to it, but it has to be for value," BP CEO Murray Auchincloss said during a recent capital markets day.
Industry insiders believe the most likely buyers would be other major energy companies already operating in the region. However, all sources noted that no deal is
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