What are the two Gulf of Mexico projects BP has begun selling stakes in, and why are they significant to the company?

BP has started the process to sell stakes in the Kaskida and Tiber projects in the Gulf of Mexico. These are described in the article as BP's 'top prospects' in the region, each expected to have a production capacity of 80,000 barrels of oil per day, with Kaskida slated to begin production in 2029 and Tiber in 2030. The stakes are estimated to be worth 'billions of dollars' to BP, and the sale aligns with the company's broader strategic reset to refocus on oil and gas investments after stepping back from its renewables push due to investor criticism and poor share performance.

How does BP's decision to sell stakes in Kaskida and Tiber fit into its new leadership and strategic direction under CEO Meg O'Neill?

The decision to sell stakes in Kaskida and Tiber is described as 'one of new CEO Meg O'Neill's first moves', marking an early action under her leadership since she assumed the role in April. O'Neill is BP's first external hire in over a century, and her appointment coincides with the company's strategic reset — a deliberate shift away from its prior emphasis on renewables and toward prioritizing oil and gas investments. This capital-raising move supports BP's goal to increase U.S. upstream output to around 1 million barrels of oil equivalent per day by 2030, which would constitute nearly half of its global target of 2.3–2.5 million boepd, underscoring the growing centrality of the U.S. — and specifically the Gulf of Mexico — to BP's growth plan.

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BP starts process to sell stakes in two Gulf of Mexico projects, sources say

Jun 12, 2026

BP has started selling minority stakes in its Kaskida and Tiber Gulf of Mexico oil projects, valued at billions, as new CEO Meg O'Neill refocuses on upstream investments. Production from these assets is expected to begin between 2029 and 2030.

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