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Getbig Main Boards => Politics and Political Issues Board => Topic started by: SAMSON123 on October 26, 2010, 02:18:01 PM
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Seems like BP is getting rid of bagage befoer it claims BANKRUPTCY and renegs onpromises to pay for cleanup as well as lawsuits...
BP sells four Gulf of Mexico oil fields
The mature fields, called Magnolia, Merganser, Nansen and Zia, currently produce 15,000 barrels of oil a day for BP
(http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2010/5/30/1275215363719/The-scene-of-the-Deepwate-006.jpg)
The scene of the Deepwater Horizon disaster in the Gulf of Mexico BP said the sale will help towards the clean-up costs of the Deepwater Horizon disaster. Photograph: Win Mcnamee/Getty Images
BP has raised $650m (£413m) by selling four oil fields in the Gulf of Mexico, the latest in a series of asset sales following the Deepwater Horizon disaster.
The oil giant announced this morning that Marubeni Oil and Gas, a Japanese company, has agreed to buy the four sites. The deal comes just seven months after BP acquired them as part of a wider $7bn deal with Devon Energy.
The mature fields, called Magnolia, Merganser, Nansen and Zia, are currently producing a total of 15,000 barrels of oil a day for BP. The company explained that it is selling them because it is more interested in exploring for new prospects in the region.
"When BP acquired Devon's Gulf of Mexico assets it was clear that these four fields did not fit well with the rest of our business in the region," said Andy Hopwood, BP executive vice-president for strategy and integration. "We therefore decided they would be of more value to another company than to BP."
BP had not previously said how much it valued the fields, but a company spokesman said the agreement showed that the oil field sector was a "sellers' market". The proceeds of the sale will be put towards its target of raising between $25bn and $30bn to pay for the Deepwater oil spill. "This is another brick in the wall [towards that target]," the BP spokesman said.
In recent months BP has also sold assets in Colombia, Venezuela and Vietnam, bringing in more than $11bn, and has signalled interest in selling assets in Alaska.
Today's deal is expected to be finalised early next year. BP will remain the largest producer of oil and gas in the Gulf of Mexico, where its current net production totals around 400,000 barrels of oil a day.
BP's new chief executive, Robert Dudley, is expected to pledge to make BP the safest company in the oil industry when he speaks at the CBI's annual conference later today. Last week Dudley announced that staff bonuses will be linked to safety targets.
• This article was amended on 26 October 2010. The original listed Alaska among areas where BP has recently sold some of its holdings. This has been corrected.