BP sells Gulf of Mexico fields to pay for oil spill | world | Hindustan Times
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BP sells Gulf of Mexico fields to pay for oil spill

world Updated: Nov 15, 2010 23:25 IST

Oil giant British Petroleum (BP) agreed to sell four fields in the deepwater of the Gulf of Mexico to Japan's Marubeni Corp for $650 million, as the oil major seeks to raise cash to pay for its oil spill in the region.

BP has committed to selling up to $30 billion in non-core assets to pay for the clean up of the US's worst ever oil spill, and to compensate victims. Last week, the company agreed to sell a package of oil and gas fields in Vietnam and Venezuela to its Russian joint venture TNK-BP for $1.8 billion.

BP and Marubeni Corp said that Japan's fifth-largest trading house would buy BP's interests in the Magnolia, Merganser, Nansen and Zia fields.

The interests are part of a package of largely non-producing Gulf of Mexico assets, mainly focused on what is known as the Paleogene play, where the major Kaskida discovery was made, that BP agreed to buy from Devon Energy in March.

A BP spokesman said the interests in the mature fields being sold to Marubeni would have been sold even if BP had not had its oil spill.