Deals - Acquisition, Mergers, Divestitures
PXP Picks Up Deepwater GoM Assets from BP
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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…
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