The FTSE 100 energy firm accelerates asset divestments to refocus on core oil and gas operations after biogas underperformance.
BP will sell its US biogas business Archaea, acquired for $4.1bn in 2022, as part of a strategic pivot back to oil and gas. The move follows financial underperformance and slower-than-expected growth in the unit, prompting a reassessment of its value.
The sale aligns with BP’s broader restructuring under CEO Meg O’Neill, who has signaled plans to market assets across regions. The company recently confirmed its exit from the North Sea, reinforcing its shift away from renewable energy investments.
Archaea’s divestment marks the latest step in BP’s efforts to streamline operations and prioritize higher-margin fossil fuel projects amid evolving energy market dynamics.