02:04 PM EDT, 10/17/2024 (MT Newswires) -- (Updates with BP's response in the sixth paragraph.)

BP (BP) is exploring selling a minority interest in its offshore wind business, Reuters reported Thursday, citing four sources with knowledge of the matter.

The British oil giant has asked Bank of America to look for partners for the business, the report said, citing the sources.

BP aims to decrease its portion of the large funds needed for the development of these projects, the report quoted two of the sources as saying.

But the company is still dedicated to advancing its significant offshore wind initiatives, one source reportedly told Reuters.

Murray Auchincloss pledged to shift focus towards high-margin businesses since assuming the chief executive role in January, moving away from the previous approach of aggressively expanding renewable energy and cutting oil and gas production, according to the news outlet.

BP declined MT Newswires' request for comment.

BP shares were up 1.1% in recent Thursday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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