BP to Sell Stakes in GOM for $650MM

BP has signed an agreement to sell its interests in four mature producing deepwater oil and gas fields in the Gulf of Mexico to Marubeni Oil and Gas for US $650 million. BP acquired the interests in the Magnolia, Merganser, Nansen and Zia fields from Devon Energy earlier in 2010 as part of a wider acquisition of assets in the Gulf of Mexico, Brazil and Azerbaijan. Marubeni Oil has agreed to pay cash for the assets – a 25% interest in the ConocoPhillips-operated Magnolia oil and gas field; a 50% interest in the Anadarko-operated Merganser gas field; a 50% interest in the Anadarko-operated Nansen oil and gas field; and a 65% operating interest in the Zia oil and gas field. Dependent upon regulatory approval, both companies expect to complete the deal in early 2011.

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