BP p.l.c. has signed a definitive agreement to sell a 65% stake in its Castrol lubricants business to private investment firm Stonepeak for $6 billion. The transaction accelerates BP’s wider divestment program, which aims to generate $20 billion of proceeds by 2025. Castrol contributed approximately 3.5% of BP’s adjusted EBITDA in the most recent quarter; by monetizing this majority stake, BP will effectively pull forward around five years’ worth of Castrol earnings. Under the terms, BP will retain a 35% interest in the lubricants joint venture, preserving exposure to long-term cash flows, while using the net proceeds to target a reduction of its net debt to between $14 billion and $18 billion by the end of 2027. The deal is expected to close mid-year, subject to regulatory approvals and customary closing conditions.

India has initiated arbitration proceedings seeking in excess of $30 billion in compensation from Reliance Industries and its joint-venture partner, BP, for alleged underproduction of natural gas from offshore fields in the Krishna–Godavari basin. Government sources indicate the claim covers lost revenue, royalty payments and interest over more than a decade of underproduction relative to contractual obligations. BP, which holds a 30% interest in the gas fields, has yet to formally respond but is expected to defend the quantum and legal basis of the claim. A ruling against BP could have material implications for its upstream segment in the region, potentially forcing the company to reassess contractual risks in other production sharing agreements.