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Author Topic: BP to Sell Oil Fields to Japanese Company  (Read 802 times)

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BP to Sell Oil Fields to Japanese Company
« on: October 25, 2010, 08:33:28 PM »
BP has said it will sell four Gulf of Mexico oil fields to Japanese company Marubeni as part of its asset sale to help pay for the oil spill there.

The deal, which is subject to regulatory approval, is expected to raise $650m (£413m).

BP is in the process of selling assets worth up to $30bn to meet clean-up and compensation costs.

Last week, the company announced it would sell business interests in Vietnam and Venezuela for $1.8bn.

BP has owned 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.

Andy Hopwood, a BP executive, said: "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." - BBC

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