BP has launched the sale of minority stakes in its Kaskida and Tiber deepwater projects in the U.S. Gulf of Mexico. Each project is potentially worth billions of dollars.

This divestment marks one of the first major strategic actions by CEO Meg O'Neill since she assumed the role in April. The company has evaluated these sales for over a year.

The move aligns with BPā€™s strategy to refocus on high-profit operations and improve investor returns. Selling minority stakes frees up capital already invested in development projects.

BP expects production at the Kaskida site to begin in 2029. The company anticipates the Tiber project will start production in 2030.