BP Winds Down Venture Capital Portfolio
BP announced on 15 July that it has agreed to divest minority stakes in more than 10 companies from its portfolio to European private equity investment firm Verdane.
The London-based supermajor said the transaction includes most of BP Ventures’ minority holdings in a range of energy technology developers.
BP said the move away from early-stage and startup investments is part of a broader effort to simplify its portfolio and strengthen capital discipline.
In 2025, BP announced its plan to divest up to $20 billion in assets by 2027. As part of that effort, the company earlier this month agreed to sell its minority stake in the Bay du Nord project offshore Canada. Under that transaction, partner Equinor will acquire BP’s 37% working interest, becoming the project’s sole owner and operator.
According to Reuters, BP Ventures held stakes in 27 companies before the latest divestment announcement.
BP said the agreement with Verdane provides the portfolio companies with an investor capable of supporting their next phase of development.
“We’re looking forward to working closely with the management teams of these companies as they continue to digitalise and decarbonise the global economy. Through this transaction with BP, we’re delivering value for all parties thanks to Verdane’s flexible mandate and significant experience,” Melanie Campbell, a principal at Verdane, said in a statement.
Neither company has disclosed the value of the deal or identified the companies included in the transaction. BP has also removed information about its venture capital portfolio from its website.
BP Ventures was established in 2007 to provide the company with early exposure to emerging technologies and startup firms. Its investments have spanned sectors including artificial intelligence, electric-vehicle charging, renewable energy, and hydrogen. By late 2024, the venture arm had invested more than $1 billion in dozens of companies.
The oil and gas company is not divesting its equity portfolio entirely, however. BP said it will retain interests in a small number of companies where it believes the technologies could create value for its business.
Subject to regulatory approvals, the divestment is expected to be completed by the second quarter of 2027.
