BP divests minority stakes in BP Ventures to Verdane
BP has agreed to sell minority interests in more than ten companies that are part of its BP Ventures portfolio to the investment firm Verdane. The transaction price was not disclosed, and BP will retain a small number of investments. BP Ventures, launched in 2007, previously held 27 companies covering projects in artificial intelligence, electric vehicles and hydrogen sectors.
The divestment follows remarks by CEO Meg O’Neill, who assumed the chief executive role in April and earlier this month outlined a strategy to enhance financial discipline through portfolio simplification, cost reductions and tighter capital spending, shifting the company’s focus back to core oil and gas investments. This move reflects BP’s broader shift away from earlier attempts to expand into renewables after a strategy change announced last year.