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BP's Castrol lubricant business is attracting interest from Reliance Industries, Apollo Global Management and Lone Star Funds, as well as Saudi Aramco.

Bloomberg reported that Shell is working with advisers to evaluate a potential acquisition of BP, its U.K. rival.

Speakers agreed that biodiesel, renewable diesel, renewable natural gas, hydrogen and battery-electric are all important to reducing emissions.

Shell Plc CEO Wael Sawan said the UK energy company will continue to look for potential acquisitions but warned of the risks inherent in pursuing a major deal.

BP said Apollo-managed funds will purchase a 25% noncontrolling stake in BP Pipelines for about $1 billion, marking the British energy giant’s first divestment under its turnaround plan.

Saudi Aramco is considering a potential offer for BP's Castrol lubricant assets, as the Middle Eastern company pushes for acquisitions that deepen its reach in oil consuming countries.

BP confirmed that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price.

BP Plc is set to announce a potential sale of its lubricants business and abandon plans to cut oil and gas output as it embarks on a shift away from renewable energy.

A sale of the business is one of the many options BP is considering to win back investor confidence after years of underperformance, sources said.

Elliott Investment Management has built a more than $2.5 billion stake in oil refiner Phillips 66, and plans to push the company to sell or spin off its midstream business, Bloomberg reports.