BP sells recently acquired assets in Gulf of Mexico

BP has announced that it has reached agreement to sell recently acquired interests in four mature producing deepwater oil and gas fields in the US Gulf of Mexico to Marubeni Oil and Gas for $650m (£414m).

BP acquired the interests in the fields – Magnolia, Merganser, Nansen and Zia – from Devon Energy earlier in 2010 as part of a wider acquisition of assets in the Gulf of Mexico, Brazil and Azerbaijan.

Dependent upon regulatory approval, the parties anticipate completing the deal in early 2011.