BP's chief executive, Meg O'Neill, is rapidly reshaping the company's portfolio, showing little sentiment for legacy or high-profile assets as she pursues debt reduction. Having already put BP's 60-year-old North Sea oil and gas business up for sale, she is now offloading the US biogas firm Archaea, bought for $4bn less than four years ago under previous boss Bernard Looney as a flagship green investment, on the grounds that it is too capital-intensive for a group focused on cutting debt.

The disposals form part of a broader clear-out that also includes a near-complete sale of solar unit Lightsource, the Gelsenkirchen refinery in Germany, Austrian fuel stations, and the lubricants business Castrol. BP expects to hit its target of reducing net debt below $18bn by the end of the year, a year ahead of schedule, aided by a surge in profits, which more than doubled to $5.73bn in the second quarter amid higher oil and gas prices linked to the Iran war. O'Neill also revealed she had urged incoming prime minister Andy Burnham to prioritise UK oil and gas, noting that fossil fuels still supply 75% of Britain's energy, while investors continue to await her decision on resuming share buy-backs.