BP to Sell Four Oil Fields in Gulf of Mexico for $650 Million

BP (BP) will sell four deep-water oil and gas fields in the Gulf of Mexico for $650 million.

The company will sell the fields to Marubeni Oil and Gas, a unit of Japan's Marubeni Corp., The Wall Street Journal said. The deal could be completed by early 2011.

The oil giant's net production from these fields is about 15,000 barrels of oil equivalent a day. The fields "did not fit well with the rest of our business in the region," BP said.

BP has been selling assets worldwide to pay for the clean up of the Gulf of Mexico oil spill, the worst environmental disaster in U.S. history.

The company has already sold assets worth more than $11 billion in countries including the U.S., Colombia and Egypt.

Increase your money and finance knowledge from home

Basics of Diversification

Learn one of the fundamental concepts of building a portfolio.

View Course »

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:

BP’s CEO Robert Dudley has Okayed the use the BPCares websites to continue its online PR campaign. This decision was unanimously agreed upon in conjunction with the BPAMA at their recently concluded meeting. The BPAMA marketers were assured of a deeper partnership by CEO Bob Dudley during a one-on-one with the marketers. Mr. Dudley pointed out to the members that they will not be abandoned; rather… they will receive the full support from BP’s marketing machine to crush the competitors like Shell and Chevron. BP will use a bevy of various BPCares websites (said the Marketing V.P) to target specific markets in the US and around the world; “We will crush Shell and Chevron”. The domains that BP will use are as follows: BPCares.com BPCares.net BPCares.org BPCares.info BPCares.us BPCares.biz BP will collaborate with the BPAMA with regards to the execution of specific websites. The websites will be up soon and some of the websites will target the Southern States that suffered heavily from the oil spill.

October 25 2010 at 8:07 AM Report abuse rate up rate down Reply