Bloomberg: BP Seeks $7.9B in GOM Field Sale

BP PLC is seeking up to $7.9 billion for a group of oilfields in the Gulf of Mexico, Bloomberg News reported Tuesday, citing two people familiar with the matter.

Maximum proceeds from BP's sale, before tax payments, can range from $5 billion to $6 billion. Shell has prepared preliminary information for prospective bidders on the blocks Horn Mountain, Holstein, Diana Hoover and Ram Powell fields.

"We don't comment on speculation about the value of assets we are marketing. But no one should confuse our effort to sell these older, non-strategic assets, which we announced months ago, with our ongoing commitment to the Gulf of Mexico. As we have repeatedly stated, we intend to continue investing at least $4 billion annually in the Gulf over the next decade, maintaining our position as the largest oil and gas investor, leaseholder and producer in the region," a BP spokesperson told Rigzone Tuesday afternoon.


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Ronald Decker | Aug. 17, 2012
What? Did the Deepwater Horizon come with the deal? Its just under the surface a little bit.

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