OIL giant BP has said it has agreed to sell assets in the US Gulf of Mexico for a total of £3.5bn to an American petroleum firm.
The deal with Plains Exploration & Production – which covers five oil and gas fields in the Gulf – will bring BP closer to its target of £23.7bn worth of disposals by the end of 2013.
As part of BP’s plan to raise cash to pay the costs of the 2010 Deepwater Horizon disaster, it has entered into agreements to sell assets with a value of over £20bn since the start of 2010.
BP boss Bob Dudley reassured investors the sale did not signal a departure from the region.
He said: “While these assets no longer fit our business strategy, the Gulf of Mexico remains a key part of BP’s global exploration and production portfolio and we intend to continue investing at least $4bn there annually over the next decade.”
BP is selling its interests in three BP-operated assets, the Marlin hub, Horn Mountain and Holstein.
The deal also includes BP’s stake in two non-operated assets, Ram Powell and Diana Hoover.
The assets were producing the equivalent of 59,500 barrels of oil a day in July.