BP has completed its sale of a number of oil and gas fields in the deepwater US Gulf of Mexico to Plains Exploration & Production Company (‘PXP’).

As announced on 10 September, BP agreed to sell the fields to PXP for $5.55 billion in cash subject to customary post-closing adjustments, with an effective date of October 1, 2012. The deal, which included BP’s interests in three BP-operated assets and in two non-operated assets, was among the biggest transactions in the US Gulf of Mexico. “This further demonstrates the significant value BP has been able to realise through the sale of non-strategic assets,” said Bob Dudley, BP Group Chief Executive.

“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.”

Tags: BP PLC