BP is considering selling its share in two Gulf of Mexico projects

BP is weighing the sale of minority stakes in two Gulf of Mexico projects, each of which is worth an estimated billions of dollars to the company, two sources familiar with the matter said Wednesday.

BP is in the midst of a realignment of its strategy to refocus on oil and gas after a failed pivot to clean energy.

The London-listed energy company is considering bringing in partners for its Kaskida and Tiber projects, the sources said.

One of the sources said BP could sell up to 50% of each of them, adding that discussions are at an early stage and that the formal auction process could begin later this year.

Other major energy groups and Gulf of Mexico operators would be the most likely buyers of the stakes, according to an industry executive.

All sources cautioned that no deal was guaranteed and spoke on condition of anonymity to discuss private deliberations.

BP declined a Reuters request for comment.

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