BP reportedly kicks off process to sell stakes in two US Gulf projects

BP has reportedly started a process to sell stakes in two of its projects in the US Gulf of Mexico, Kaskida and Tiber.

Citing four sources familiar with the matter, Reuters reported last week that the process had begun. The news service first reported that BP was weighing a sale of minority stakes in the two projects in March 2025, noting at the time that each project was estimated to be worth billions of dollars to the company. The sources cited by BP last week did not specify the size of the stakes that BP was seeking to sell, but previously, a source told Reuters that the company could sell up to 50% in each project.

If a sale goes ahead, it would mark one of the first major moves by BP’s CEO, Meg O’Neill, who took over the role in April, Reuters noted. It would also represent a continuation of the supermajor’s efforts to optimise its portfolio and free up capital by selling minority stakes in some of the projects that it continues to pursue.

These efforts have also been seen in other areas of BP’s US portfolio recently. At the end of 2025, BP closed a sale of non-controlling interests in midstream assets operated by its US onshore subsidiary, BPX Energy, in the Permian Basin and Eagle Ford shale. Those interests were sold to funds managed by investment firm Sixth Street for around $1.5bn. Following the closing of the sale, BPX’s interest in the Permian midstream assets was reduced from 100% to 51%, while its ownership in the Eagle Ford midstream assets fell from 75% to 25%. The company continues to operate those assets.

BP also reset its strategy in early 2025, prioritising a renewed focus on oil and gas investments and scaling back its commitment to the energy transition. According to its capital markets update from February 2025, the supermajor is targeting $20bn worth of asset sales by the end of 2027. The sale of any stakes in Kaskida and Tiber would likely be significant contributors to meeting this target.

Kaskida and Tiber-Guadalupe have been under construction since BP announced final investment decisions (FIDs) on the projects in 2024 and 2025 respectively. Kaskida is due to enter production in 2029, followed by Tiber in 2030. Together, they are expected to provide access to a combined 10bn barrels of discovered resources in the Gulf’s Paleogene trend. Each project will host a platform with the capacity to produce 80,000 barrels per day (bpd) of oil.

BP has previously said that it intends to invest around $10bn in its Paleogene projects.