BP Sells Gulf of Mexico Oil Fields

By Lil Herman / October 26, 2010

Deepwater_Horizon_oil_spill –  BP, scrambling to raise funds for the oil spill, has said it will sell its interests in four Gulf of Mexico oil fields to Japan’s Marubeni Oil and Gas.

The deal, which is subject to regulatory approval, is expected to raise $650 million. The four fields together produce about 15,000 barrels a day.

Last week, the company announced it would sell business interests in Vietnam and Venezuela for $1.8bn.

BP has owned the assets in the four fields for less than a year. It bought them from Devon Energy alongside other assets in the Gulf of Mexico, Brazil and Azerbaijan.

A company stated that BP’s other interests in the Gulf of Mexico would not be affected by the sale  and that the company remained both the largest producer of oil and gas in the region as well as being the largest holder of leases.

BP’s Deepwater Horizon rig exploded on 20 April, killing 11 workers, and ultimately leaking an estimated 4.9 million barrels of oil into the Gulf.

The well was finally permanently sealed on 19 September.

BP expects the cost of the spill, including fines, to bel up to $30 billion.

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Lil Herman

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