BP has formally launched a sale process for minority stakes in two of its largest deepwater Gulf of Mexico projects, Kaskida and Tiber, according to four people with knowledge of the matter. The move, reported in June 2026, marks one of the first major strategic steps by new CEO Meg O’Neill, who took the helm in April. Each project is estimated to be worth billions of dollars to the company.
BP initiates stake sale in two Gulf of Mexico deepwater projects
BP has begun a formal process to sell minority stakes in its Kaskida and Tiber deepwater projects in the Gulf of Mexico. Four sources familiar with the matter confirmed the process, all speaking on condition of anonymity to discuss private deliberations. BP declined to comment when approached for a response.
Each project is estimated to be worth billions of dollars. The sources did not disclose the size of the stakes BP is looking to sell, and the terms of any potential deal remain private at this stage.
Why BP is offering minority stakes in its top Gulf prospects
Selling minority stakes in development-stage projects is standard practice across the oil and gas industry—companies recover capital already deployed while keeping operational control of the asset and its future production. For BP, the move fits into a broader strategic reset that took shape in 2025, when the company refocused on oil and gas after pulling back from renewables under sustained investor pressure and a weak share price.
The stake sales in Kaskida and Tiber free up capital without surrendering control of what BP considers core assets.
New CEO Meg O’Neill is seen as a driving force behind the decision. Originally from Boulder, Colorado, she took the role in April 2026—BP’s first external CEO hire in more than a century, a notable break from the company’s long-standing tradition of promoting from within.
Production timelines and capacity of Kaskida and Tiber
Both projects carry significant production potential. Kaskida is expected to begin producing oil in 2029, with Tiber following a year later in 2030, and each carries an anticipated capacity of 80,000 barrels of oil per day.
Together, they represent BP’s leading prospects in the Gulf and sit at the center of its U.S. growth ambitions. BP aims to raise its U.S. upstream output to approximately 1 million barrels of oil equivalent per day by 2030—a target that depends heavily on both projects coming online as planned.
BP’s U.S. strategy and the broader market context
BP is one of the largest operators in the Gulf of Mexico, and the U.S. has become increasingly central to its overall growth strategy. The company’s global production target for 2030 sits between 2.3 million and 2.5 million barrels of oil equivalent per day, with U.S. output expected to account for just under half of that total.
The broader market environment adds context to the timing. Oil prices have faced severe downward pressure in 2026, dropping sharply following a U.S.-Israeli détente with Iran. While lower prices complicate upstream asset valuations, the capital efficiency of deepwater assets like Kaskida and Tiber keeps them highly attractive to potential buyers looking to buffer their portfolios.
Higher prices generally improve the attractiveness of upstream assets to potential buyers—something that could work in BP’s favor as it seeks partners for Kaskida and Tiber. According to prior Reuters reporting, BP had been weighing these stake sales for more than a year, and the formal launch in June 2026 suggests the company is moving from deliberation to execution.
The goal is 1 million barrels a day
BP has launched a formal sale process for minority stakes in Kaskida and Tiber, two deepwater Gulf of Mexico projects each valued at billions of dollars. The size of the stakes on offer has not been disclosed. Four sources confirmed the process; BP declined to comment.
The move aligns with BP’s 2025 strategic reset toward oil and gas and its goal of reaching approximately 1 million barrels of oil equivalent per day in U.S. upstream output by 2030. Kaskida is expected to begin production in 2029 and Tiber in 2030, with each project carrying a capacity of 80,000 barrels per day.
New CEO Meg O’Neill—the first external hire and the first-ever female CEO in the company’s 117-year history—is seen as driving the initiative. Rising oil prices and growing reliance on U.S. assets to meet BP’s broader global production targets form the backdrop against which this process has been launched.
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