BP to sell deepwater GoM field interests to Plains

Offshore staff

LONDON – BP has agreed to sell its interests in many oil and gas fields in the deepwater US Gulf of Mexico to Plains Exploration and Production Co. for $5.55 billion.

The deal includes its interests in three BP-operated assets: the Marlin hub, comprised of the Marlin, Dorado, and King fields; Horn Mountain (100%), and Holstein (50%). The deal also includes BP’s stake in two non-operated assets: Ram Powell (31%), and Diana Hoover (33.33%).

Bob Dudley, BP group chief executive, 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 there annually over the next decade.

“This sale, as with previous divestments, is consistent with our strategy of playing to our strengths as a company and positioning us for long-term growth. In the Gulf of Mexico that means focusing future investments on our strong set of producing assets and promising exploration prospects.”

Subject to regulatory approvals, certain pre-emption rights, and customary post-closing adjustments, completion of the deal is expected by the end of 2012.

9/10/2012



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...