TNK-BP is a joint venture between BP and Alfa Access Renova, a group representing business interests of consortium of Russian billionaires.
The relationship between the entities has been unfriendly. Bob Dudley, now the top executive at BP, left his Moscow offices at TNK-BP in 2008 when he served as the joint venture's chief, citing harassment from the Russians.
Former German Chancellor Gerhard Schroeder resigned from the board at TNK-BP in December and Chief Executive Officer Mikhail Fridman resigned this week, which led analysts to suggest the venture was on the verge of collapse.
BP said Friday it's received "unsolicited indications of interest" in its stake in TNK-BP.
"In light of these unsolicited approaches and consistent with its commitment to maximizing shareholder value and its obligations under the shareholder agreement, BP has notified Alfa Access Renova of its intention to pursue a potential sale," the company said.
BP, in its statement, said there was "no guarantee" a transaction would take place and that it would make a further announced "if appropriate."