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

Background

BP, one of the largest operators in the Gulf of Mexico, has been weighing a sale of minority stakes in the projects for more than a year. The company reset its strategy last year to refocus on oil and gas investments, departing from its foray into renewables after criticism from investors and a poor share performance.

The London-listed company is increasingly reliant on the U.S. to drive growth. It aims to increase its U.S. upstream output to around 1 million barrels of oil equivalent per day by 2030, just under half of its target to produce between 2.3 million and 2.5 million boepd globally in that timeframe.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.