BP launches Gulf of Mexico stake sale process

The company is considering minority stake sales in the Kaskida and Tiber projects, which have been under review for more than a year and are expected to be worth billions of dollars. The four sources did not disclose the size of the stakes being offered, and BP declined to comment, News.Az reports, citing Reuters.

The move comes as BP continues to reshape its strategy, refocusing on oil and gas investments after stepping back from renewables. The Kaskida and Tiber projects are among its key Gulf of Mexico developments, with production expected in 2029 and 2030 respectively, each with capacity of around 80,000 barrels of oil per day. BP is increasingly reliant on the United States for growth as oil prices rise amid global supply disruptions.