BP has sold a number of its oil and gas fields in the deepwater U.S. Gulf of Mexico to Plains Exploration & Production Company (PXP).
BP has agreed to sell the fields to PXP for $5.55 billion. The deal, which included BP’s interests in three BP-operated assets and in two non-operated assets, was one of the biggest transactions in the U.S. Gulf of Mexico.
“This further demonstrates the significant value BP has been able to realize through the sale of non-strategic assets,” said BP Group Chief Executive, Bob Dudley. “In line with our strategy, we have concentrated our Gulf of Mexico business around our major operated and non-operated production hubs, each of which has significant future growth potential, together with our leading exploration position. This repositioning and simplification has allowed us to focus our capability and personnel on delivering long-term growth from our core assets in the Gulf.”