BP plans to exit venture capital unit, sell portfolio stakes
Energy company proposes closing BP Ventures and transferring interests in more than 10 portfolio companies as part of a broader simplification strategy.
BP is proposing to close its BP Ventures unit and has agreed to sell minority stakes in more than 10 portfolio companies to investment firm Verdane, as the energy major continues efforts to streamline operations and focus on its core business, according to Reuters.
The proposed move forms part of BP’s wider strategy to simplify its portfolio, reduce costs and strengthen capital discipline. The company said it will retain interests in a small number of investments while divesting the majority of the venture portfolio. Financial terms of the transaction were not disclosed.
Founded in 2007, BP Ventures has invested in emerging technologies and startups across sectors including artificial intelligence, electric vehicles and hydrogen. Prior to the announcement, the unit’s portfolio included 27 companies. The divestment is expected to be completed by the second quarter of 2027.
The proposal comes as BP advances a broader $20 billion divestment program aimed at reducing debt and improving returns. CEO Meg O’Neill, who took over the role in April 2026, recently emphasized the need for greater financial discipline through portfolio simplification, lower spending and a renewed focus on the company’s oil and gas operations.
