Activist investor Elliott Investment Management - which has amassed a £4billion stake in BP - is urging the energy giant to follow Shell in cutting costs by ditching green investments.
The Times reports the New York hedge fund, which it calls "famously aggressive", wants BP chief executive Murray Auchincloss to emulate Shell in making a "ruthless" drive towards higher returns and greater efficiency.
The newspaper reports Elliott Investment Management began building a stake in BP last year and now holds around 5% of the company, worth £3.8billion.
Although Elliot declined to comment, The Times understands it is engaging with BP’s management to push for major changes ahead of its investor day on February 26.
Earlier this week, Mr Auchincloss revealed the energy colossus planned to "fundamentally reset" its strategy after its profits dipped sharply last year.
BP and Shell both made strategic shifts towards renewables under their previous chief executives, after setting goals of achieving net-zero emissions by 2050. However Shell has since backed away from this strategy.