LONDON--BP PLC (BP.LN), an integrated oil and gas company, said
Monday that it has agreed to sell its interests in a number of oil
and gas fields in the deepwater U.S. Gulf of Mexico to Plains
Exploration and Production Company (PXP) for a total of $5.55
billion.
MAIN FACTS:
-As part of a previously-announced plan to divest the assets and
position its Gulf portfolio for long-term growth, BP is selling its
interests in three BP-operated assets:
-The Marlin hub, comprised of the Marlin, Dorado and King
fields--BP working interest 100%; Horn Mountain--BP, 100% and
Holstein--BP, 50%.
-The deal also includes BP's stake in two non-operated assets:
Ram Powell--BP, 31% and Diana Hoover--BP, 33.33%.
-BP announced its intention to sell these non-strategic assets
in May 2012.
-The parties anticipate the deal closing by the end of 2012.
-BP will concentrate future activity and investment in the Gulf
on growth opportunities around its four major operated production
hubs and three non-operated production hubs in the deepwater, as
well as on significant exploration and appraisal opportunities in
the Paleogene and elsewhere.
-BP currently anticipates investing on average at least $4
billion in the Gulf of Mexico each year for the next decade.
-BP is also progressing plans for a second phase of the Mad Dog
field. BP now has six drilling rigs operating in the Gulf of Mexico
and expects to have eight rigs in place by the end of the year, the
most it has ever had in the region.
-BP PLC shares at 1105 GMT up 5.0 pence, or 1.2%, at 439.9
pence, valuing the company at GBP83.77 billion.
-Write to Razak Musah Baba at razak.baba@dowjones.com