BP to Sell Some Gulf Of Mexico Assets

[alp227]

Source: Wall Street Journal

BP PLC continued to trim its global portfolio Friday, announcing the sale of its stake in a dwindling deep-water oil field in the Gulf of Mexico to Stone Energy Corp. for $204 million.

BP originally set out to shed assets as a way of amassing $30 billion to fund costs stemming from last year's catastrophic Gulf of Mexico oil spill, but the U.K. energy company has since folded the effort into a new growth strategy.

"We continue to make progress in our divestment program as we focus on BP's areas of strength around the world," said Chief Executive Bob Dudley.

A unit of Stone Energy will receive BP's 75% operating interest in the Pompano field, as well as assets and a 50% nonoperating interest in the Mica field. In addition, Stone has bought from BP a 51% operating stake in a block in the Mississippi Canyon and a variety of other leases in the vicinity of the Pompano field.

Read more: http://online.wsj.com/article/SB10001424052970203611404577046424119997762.html

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[izquierdista]

1. I wonder how much I can get for my old carpet

It's got a bunch of spills on it too.

[sarcasmo]

2. Making a run at a Shell style Iraq contract perhaps?

[unkachuck]

3. BP is still....

....a pricey tank of gas around here....while they continue to trim their 'global portfolio', maybe they could also trim a few cents off a gallon of gas....

[phasma ex machina]

4. BP's proclivity for shedding environmental liabilities is an open secret in the oil patch. nt