BP to sell Gulf of Mexico assets worth £3.4bn

BP has moved to offload a chunk of its oil and gas fields in the Gulf of Mexico in a deal worth $5.5bn (£3.4bn), as the oil major continues to raise cash to cover the cost of the catastrophe in 2010.

The FTSE 100 giant said in a statement today that it was selling the fields to Plains Exploration and Production, a Texan oil and gas company. It comes after the group announced plans to sell some of its Gulf fields in May, explaining they were non-strategic. It has now confirmed the sale of properties which were producing the equivalent of 59,500 barrels of oil a day in July, according to a statement from Plains. The move will help the firm edge closer to its target of $38bn in asset disposals by the end of 2013, as it continues to restructure and raise cash to cover the costs of ...