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BP to sell Gulf of Mexico assets for 5.55 billion U.S. dollars

10 September 2012 20:35 (UTC +04:00)

Baku-APA. British oil giant BP said Monday it has agreed to sell its interests in a number of oil and gas fields in the deepwater U.S. Gulf of Mexico as part of a previously-announced plan to divest its assets and position its Gulf portfolio for long-term growth, APA reports quoting Xinhua.

BP is selling its stakes in three BP-operated assets, including the Marlin hub, Horn Mountain, and Holstein, to Plains Exploration and Production Company, an American petroleum company based in Houston, Texas, for 5.55 billion U.S. dollars, BP said in a news release. The deal also includes BP’s stake in two non-operated assets, Ram Powell and Diana Hoover. BP planned to sell these non- strategic assets in May 2012. "The divestment is in line with BP’s global strategy of playing to its strengths, including the development of giant fields and deepwater exploration. It also reflects a greater focus in the Gulf of Mexico on producing more high-margin barrels from fewer, larger assets," BP said.

"While these assets no longer fit our business strategy, the Gulf of Mexico remains a key part of BP’s global exploration and production portfolio and we intend to continue investing at least 4 billion U.S. dollars there annually over the next decade," said Bob Dudley, BP group chief executive.

Monday’s announcement came as BP has been raising money to pay cleanup costs and potential fines resulting from BP’s devastating oil spill in the Gulf of Mexico in April 2010.

With this planned deal, BP has now reached agreements to sell oil fields and other properties with a combined value of 32 billion U.S. dollars since the end of 2010, including an agreement last month to sell its Carson oil refinery in California and 800 gasoline stations to Tesoro, a U.S. petroleum refiner and marketer based in San Antonio, Texas, for 2.5 billion dollars.

The 2010 blowout of BP’s Macondo well in the Gulf of Mexico triggered an explosion that killed 11 rig workers and unleashed the worst oil spill in U.S. history.

In addition to cleanup costs, fines for the oil spill could exceed 20 billion U.S. dollars, according to reports.

BP has been exploring in the deepwater Gulf of Mexico for more than a quarter of a century and holds more than 700 leases in the area, according to BP sources.

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