BP Offloads Venture Portfolio as Green Energy Strategy Shrinks

The divestment marks a definitive retreat from the diverse clean energy sectors BP once courted. Since launching the unit in 2007, the company poured roughly $1.2 billion into startups, yet the portfolio’s valuation has stagnated at that same figure. While BP intends to hold onto a handful of investments deemed capable of creating specific value for its core operations, leadership declined to identify which companies remain or address the future of the venture team’s employees. This move follows the company’s earlier decision to scale back broader clean energy ambitions, effectively signaling a return to its traditional oil and gas focus.