Asia-Pacific

BP sells 4 Gulf of Mexico fields for $650 million

(Agencies)
Updated: 2010-10-25 20:15

LONDON?- BP says it has sold its stake in four mature oil and gas fields in the Gulf of Mexico to Marubeni Oil and Gas for $650 million (euro466 million).

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The oil company has been selling assets to raise cash to pay for the damage caused by the disastrous blowout of its Macondo well in the Gulf of Mexico.

BP had acquired the four fields in March when it bought a range of assets in the Gulf, Brazil and Azerbaijan from Devon Energy in a $7 billion deal.