British Petroleum (bp) has reached an agreement with investment firm Verdane to divest bp Ventures’ minority stakes in more than 10 portfolio companies, marking another step in the energy company’s efforts to streamline its business and sharpen capital allocation.

The transaction, which remains subject to regulatory and contractual approvals, covers most of bp Ventures’ minority investments across a range of energy-related technology companies.

The company said the sale aligns with its strategy of simplifying its portfolio while maintaining disciplined capital allocation. bp added that transferring the investments to Verdane would provide the portfolio companies with an investor focused on supporting their next stage of growth and development.

bp will retain minority interests in a small number of portfolio companies where it believes the underlying technologies have the potential to create strategic value for its businesses.

The transaction is expected to be completed by the second quarter of 2027, subject to the required approvals.

Verdane is a European private equity investment firm that focuses on helping technology-enabled companies grow. Founded in 1985, it invests primarily in businesses across software, digitalization, energy transition, and sustainable technologies in Northern Europe.

The divestment is part of bp’s broader strategy to simplify its business, improve capital discipline, and focus investment on its highest-return businesses. Since early 2025, the company has been reshaping its portfolio by reducing spending on lower-priority activities, increasing investment in its core oil and gas operations, and pursuing asset sales to strengthen its balance sheet.