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Investing.com -- BP (NYSE:BP), a premier energy company, is contemplating the sale of minority stakes in two of its Gulf of Mexico projects, the Kaskida and Tiber projects, according to Reuters, citing two sources familiar with the situation. The potential sales are part of BP’s strategic shift as the company refocuses on oil and gas following an unsuccessful transition towards clean energy.
The sources, who wished to remain anonymous, revealed to Reuters that each project could be worth billions of dollars to BP. The company could potentially sell up to 50% of each project, one source said. However, these deliberations are still in the early stages, and a formal auction process might commence later this year.
The most probable buyers for these stakes would be other major energy companies and operators in the Gulf of Mexico, according to an industry executive. Despite the ongoing discussions, the sources emphasized that there is no guarantee that a deal will be finalized.
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