BP Adds Gulf Fields To Sell-Off With $5.6B Plains Deal

Law360, New York (September 10, 2012, 8:22 PM EDT) -- BP PLC will unload $5.55 billion worth of deepwater assets in the Gulf of Mexico to Houston-based Plains Exploration & Production Co., bringing its total divestitures since the Deepwater Horizon oil spill to $32 billion, the companies announced on Monday.

In BP’s ongoing effort to fund cleanup and other fees related to the 2010 catastrophe through an ambitious four-year, $38 billion divestiture program, BP Exploration & Production Inc. and BP America Production Co. will pull out of three major fields that were collectively producing nearly 60,000...
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