BP Ditches Green Energy Assets as Oil Prices Soar

BP has continued its shift away from green energy with the sale of its US biogas business, Archaea. The company acquired Archaea for $4.1bn in 2022 but has since struggled with underperformance and slower-than-expected growth.

According to BP's new boss Meg O'Neill, the firm must simplify its portfolio based on value, not sentiment or history. She plans to focus on assets that deliver competitive returns and long-term value.

The sale of Archaea is part of a larger overhaul of BP's energy channels, which will be split into two divisions: upstream and downstream. The move comes after the company confirmed its exit from the North Sea and sold its Gelsenkirchen refinery and retail business in Austria.