Patent Apostille for Mexico

BP gets rid of its assets in Gulf of Mexico

Posted in FDA apostille for Mexico, Patent Apostille for Mexico, Patent Assignment Apostille for Mexico

Today the Company has announced that it has reached agreement to sell its recently-acquired interests in four mature producing deepwater oil and gas fields in the US Gulf of Mexico to Marubeni Oil and Gas for $650 million.

Andy Hopwood, BP executive vice president for strategy and integration, say that when BP acquired the interests in the Gulf of Mexico (fields: Magnolia, Merganser, Nansen and Zia) from Devon Energy earlier in 2010 it was clear that these four fields did not fit well with the rest of our business in the region, and therefore the Company decided they would be of more value to another company than to BP.

Marubeni will pay BP $650 million in cash for the interests. The parties anticipate completing the deal in early 2011.

The assets included in the agreement comprise: a 25% interest in Magnolia; a 50% interest in Merganser; a 50% interest in Nansen; and a 65% operating interest in Zia.

The agreement announced today does not affect BP’s other interests in the Gulf of Mexico where it is both the largest producer of oil and gas – with current net production totaling approximately 400,000 bpd.