Oil giant BP shutters its corporate venture arm after 20 years

In a press release, the company said it would “retain interests in a small number of investments where the technology has the potential to create value for its businesses.” When reached for comment, BP declined to specify which companies it would be keeping. The company also declined to comment on the fate of BP Ventures employees, citing local legal and regulatory requirements, though layoffs seem likely. BP expects the portfolio sale to be completed in the second quarter of 2027.

Over the years, BP Ventures’ varied investments haven’t been terribly successful financially: Axios reporter Alan Neuhauser said last year that the portfolio was valued at about $1.2 billion, or roughly the same amount that the company had poured into it since establishing the unit in 2006.