BP PLC (LSE:BP.) is reportedly considering selling a minority stake in its offshore wind business under efforts to further scale back renewable energy operations.
Bank of America has been recruited to line up partners for the business to reduce its share of investment into offshore wind developments, according to Reuters.
This would come after the oil giant has further scaled back green commitments recently and faced pressure over its energy transition strategy, given rising oil and gas margins.
BP reportedly paused investments in new offshore wind last month, while plans emerged over a sale of its US onshore wind business.
As of June, BP had 9.6 gigawatts worth of offshore wind projects in the pipeline and also held stakes in farms across the likes of the UK, Germany, US and Asia.
A Reuters-cited source said BP remained committed to developing major offshore wind projects.
Shares climbed 1.3% on Friday.