BP is looking to reduce its stakes in the Net Zero Teesside (NZT) power project and the Northern Endurance Partnership. The two carbon capture projects have achieved major milestones, including financial close and the start of construction, and are expected to begin operation in 2028.

Net Zero Teesside Power is a joint venture between BP and Equinor. The project is positioned as the world’s first gas-fired power plant with carbon capture, and is expected to deliver power to an estimated one million UK homes from 2028. Up to 2 million tonnes of carbon dioxide per year will be captured at the plant.

The Northern Endurance Partnership is being developed by BP alongside Equinor and TotalEnergies. The project is building pipelines from Teesside and the Humber to ship carbon dioxide to secure storage under the North Sea. The expectation is that up to 4 million tonnes of carbon dioxide will be permanently stored each year.

BP said in a statement that as both CCS projects had reached major milestones, the company “considers this the right time to sell a portion of its equity in both projects and bring in additional partners to support long-term value creation.”

BP has not named potential buyers or disclosed the size of the stakes it intends to sell.