26 Oct 2010

BP to sell four oil fields in Gulf of Mexico

6:03 am on 26 October 2010

BP is to sell its interests in four Gulf of Mexico oil fields to Marubeni of Japan as part of moves to pay for the oil leak there.

The deal, which is subject to regulatory approval, is expected to raise $US650 million.

BP is in the process of selling assets worth up to $US30 billion to meet clean-up and compensation costs.

Last week, the company announced it would sell business interests in Vietnam and Venezuela for $US1.8 billion.

BP has owned the assets in the four fields for less than a year. It bought them from Devon Energy alongside other assets in the Gulf of Mexico, Brazil and Azerbaijan.

The Gulf oil leak began after a fatal explosion and fire on the Deepwater Horizon drilling rig on 20 April.

The well was finally permanently sealed on 19 September.

The BBC reports the total compensation bill currently amounts to about $US11.2 billion (£7 billion).