Group Chief Executive of BP Bob Dudley poses for a photograph at the BP International Headquarters in central London, Britain, May 16, 2018. REUTERS/Henry Nicholls

(Reuters) - BP Plc BP.L is preparing to announce that the British oil company's chief executive, Bob Dudley, plans to retire within about 12 months, Sky News reported bit.ly/2nuYqLQ on Saturday.

The announcement about Dudley’s decision could be made by the end of this year or by the end of October when BP issues third-quarter results, Sky News reported, citing sources.