BP to sell interests in US Gulf of Mexico oil and gas fields

BP is to sell its interests in a number of oil and gas fields in the deep-water US Gulf of Mexico to Plains Exploration and Production for $5.55bn (£3.4bn).

The company is selling its interest in the Marlin hub, comprised of the Marlin, Dorado and King fields (BP working interest 100 per cent); Horn Mountain (100 per cent) and Holstein (50 per cent).

The deal also includes BP’s stake in two non-operated assets: Ram Powell (31 per cent) and Diana Hoover (33.33 per cent).

In a statement, BP said it is making the divestment as part of a previously announced plan to divest the assets and position its Gulf portfolio for long-term growth.