BP is on the hunt for disruptive green technology start-ups in which to invest as its venture capital business steps up its exposure to the energy transition.

The oil company said its BP Ventures division was expected to plough more than 90 per cent of its spending between 2023 and 2026 into the company’s five “transition growth engines” of bioenergy, electric vehicle charging, convenience, hydrogen and renewables and power. That is up from about 60 per cent of its ventures spending historically.

BP declined to reveal the total budget for its latest venture capital fund, but did say it was expected to invest about $200 million this year and that the eventual outlay over four years was likely to be comparable to the total