Industry sources said the sale plan, to be announced in its February 11 strategy review, could slow already sluggish output growth significantly over the next decade, slicing at least 5 per cent off its $US60 billion of upstream capital employed.

BP shares have slipped to be a clear second behind by ExxonMobil and in response the oil giant has instituted a "quality over quantity" policy. Earlier this year, BP dismayed the market after being forced to slash its output growth targets three times in the second half of 2002.