Oil giant BP hoists for sale sign over venture arm companies

BP is exploring a sale of two of the companies owned by its early-stage ventures arm in a move which could raise tens of millions of pounds.

Sky News has learnt that the FTSE 100 company's Launchpad division has begun contacting prospective buyers of Lytt and Onyx Insight in recent weeks.

Lytt transforms large amounts of data from sensors into actionable insights, which enables it to detect blockages in oil wells more efficiently.

Its technology has been described as similar to the music identification app Shazam.

Lytt, which launched in 2019, is part of BP's Launchpad arm, which has built a number of businesses with potential applications which extend beyond the oil and gas sector.

Sources said BP was also looking to sell Onyx Insight, which serves the renewable energy sector.

It has been owned by the group since 2017.

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The news comes days after BP reported quarterly profits of £4bn, sparking renewed calls for higher taxes on the sector.

Other companies in the BP Launchpad portfolio include Finite Carbon, STRYDE and Blueprint Power.

The company has said that Launchpad "will play an important role in bp's ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero".

BP declined to comment on the disposals.