BP is reportedly considering selling a minority stake in its offshore wind business as part of its latest effort by chief executive Murray Auchincloss to scale back the energy company’s focus on renewables.
According to Reuters, four sources have confirmed that the oil and gas giant has lined up Bank of America to find partners for the business.
BP wants to reduce its share of the large investments required to develop these projects, two of the sources said.
However, the news agency reported that one source said that BP remains committed to developing its major offshore wind projects.
BP declined to comment on the report.
Auchincloss, who took up the job in January, has changed the company’s focus to growing the high-margin businesses, distancing himself from predecessor Bernard Looney’s strategy to rapidly expand renewables and reduce oil and gas output.
Last month BP announced that it is to sell its US onshore wind energy business BP Wind Energy.
The oil major intends to sell the company as an integrated business, with its experienced workforce expected to transfer to the new owner on completion.