BP Initiates Sale of Stakes in Top Gulf of Mexico Projects

British oil major BP has initiated the process to sell its stakes in two of its Gulf of Mexico projects, according to four people familiar with the matter. The Kaskida and Tiber projects are considered BP's top prospects in the region, with each expected to have production capacity of 80,000 barrels of oil a day.

The sale of minority stakes in these projects would be one of new CEO Meg O'Neill's first moves since taking up the role in April. The company has been weighing this move for over a year and aims to free up capital invested in the projects.

BP reset its strategy last year to refocus on oil and gas investments, departing from its foray into renewables after criticism from investors and poor share performance. The London-listed company is increasingly reliant on the U.S. to drive growth, aiming to increase its U.S. upstream output to around 1 million barrels of oil equivalent per day by 2030.