BP to sell its Archaea biogas business in a further retreat from green energy

BP announced on Tuesday 4 August 2026 that it will offload Archaea, its US biogas business. According to Oilprice, the decision comes just days after the company confirmed its exit from the North Sea and is part of a shift back toward core oil and gas products at the London listed major.

BP had previously told investors it planned to market assets across its operating regions as part of a restructuring overseen by new chief executive Meg O'Neill.

The company acquired Archaea for $4.1 billion in 2022, but the business has since faced financial underperformance and slower than expected growth, forcing BP to reassess the asset's value. The announcement came alongside BP's second quarter 2026 underlying replacement cost profit of $5.7 billion.