BP (LON:BP) is reportedly considering the sale of a minority stake in its offshore wind business as it looks to reduce the scale of its investment in the sector.
Reuters, citing four sources familiar with the matter, reported BP has engaged Bank of America to find partners for its offshore wind projects.
BP is currently developing offshore wind farms in the UK, United States, Germany, South Korea and Japan, with none currently in operation.
The company is progressing three UK offshore wind projects with partner EnBW, including the Morgan and Mona wind farms in the Irish Sea and a ScotWind project.
It also has a small innovation and targeted oil and gas (INTOG) floating wind project, the 50MW Flora.
In recent months, investors have called on BP to pivot away from renewable energy targets set under former chief executive Bernard Looney and back towards oil and gas.
Since taking over, current CEO Murray Auchincloss has shown signs of scaling back some investments including imposing a hiring freeze in its offshore wind business.
BP also sold its US onshore wind business last month, and earlier this year the firm took a $600 million impairment against a New York offshore wind project after parting ways with Norwegian firm Equinor.
According to Reuters, a source said BP remains committed to developing its major offshore wind, and the company has also recently invested in solar, biofuels and green hydrogen.
A spokesperson for BP declined to comment on the Reuters report.
Big Oil offshore wind investments
It comes as rival Shell waters down its own emissions targets and offshore wind investments as the two London-listed majors trail their US rivals in profitability.
Shell is also reportedly looking to sell its stake in two ScotWind leases and a project off the Dutch coast, as its offshore wind investments struggle to deliver returns.
Equinor has also scaled down some of its offshore wind ambitions after backing away from investing in Spain and Portugal earlier this year.
The company is also reportedly looking to pull out of Vietnam, while last year the firm placed its Trollvind floating project in Norway on hold due to rising costs.
However, not all oil firms are turning away from offshore wind.
French major TotalEnergies recently acquired a 50% stake two German offshore wind projects alongside RWE.
Meanwhile, Spanish operator Repsol teamed up with EDF Renewable in July to develop offshore projects in the Iberian peninsula.
Italian firm Eni is also progressing the Green Volt floating wind project in Scotland through its joint venture Vårgrønn.
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