The report stated that Shell is holding internal discussions with advisers to evaluate the potential strategic and financial implications of such a deal. However, no final decision has been made, and any move may hinge on further declines in BP’s share price and broader oil market conditions.
BP shares have fallen nearly 30% over the past year, tracking a broader downturn in oil prices. The report also noted that other major energy firms are monitoring the situation and considering whether to pursue a bid.
A Shell spokesperson told Bloomberg: “As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification.”
BP declined to comment on the speculation.
The discussions come at a time of heightened consolidation activity in the energy sector, as companies seek to strengthen portfolios and scale in response to energy transition pressures and commodity price fluctuations.
