BP set to sell off oil fields in the Gulf of Mexico

A recent deal has been come to by British Petroleum to sell some of the oilfields that it has off the shore of the Gulf of Mexico for a value that is estimated to be above $5 billion. The sale is going to be to the Plains Exploration & Production Company and it is part of the process that BP has been going through after the infamous oil spill that occurred in the region in 2010.

Some of the properties that are being sold include the Dorado, King, and Marlin fields. BP, which is based in the UK, is one of the largest producers of oil in the world and it has been selling off many of its assets in order to pay for several of the costs that are associated with the 2010 explosion which resulted in an enormous oil spill in the Gulf of Mexico.

It is estimated that nearly $40 billion of assets have been earmarked by BP for sale and so far around $25 billion of assets have already been agreed for sale. Another recent deal that has been concluded was the sale of a refinery in Southern California for around £2.5 billion.

The company of issued a statement which states that the sales are not part of a retreat from the Gulf area, which is still regards as an essential part of its business. The company still plan to have eight oil rigs in the area in operation at the end of the year. The sale to Plains is a particularly notable one for the buying company given its relatively small size. Analysts estimate that the company has taken on debt in order to finance the deal.