BP to Sell Interests in Deepwater Fields

Monday, October 25, 2010

BP, PLC has reached agreement to sell its recently acquired interests in four mature producing deepwater fields in the Gulf of Mexico to Marubeni Oil & Gas (USA), Inc. for $650 million. BP acquired the interests in the Magnolia, Merganser, Nansen, and Zia fields from Devon Energy Corporation earlier this year. BP’s net production from these fields is about 15,000 boe/d.